By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, March 19 (CNS Canada) – ICE Futures Canada canola contracts were weaker Monday morning, taking some direction from Chicago Board of Trade soybeans.
Beneficial rain in Argentina over the weekend sparked a selloff in soybeans that spilled into the canola market. However, the moisture may be too late to improve the yield potential in the dry South American country, as harvest operations should be starting up soon.
Chart-based selling, large old crop supplies, and expectations for increased seeded acres this spring added to the early declines in canola, according to participants.
On the other side, recent weakness in the Canadian dollar provided underlying support.
About 3,400 canola contracts had traded as of 8:52 CDT.
