By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, March 9 (CNS Canada) – ICE Futures Canada canola contracts were weaker Friday morning, as losses in Chicago Board of Trade soybeans and soyoil weighed on values.
The nearby technical bias has shifted to the downside, which added to the softer tone as the market continued to back away from nearby highs.
Improving moisture conditions in Western Canada following recent snowfall, poor export demand, increased farmer selling, and strength in the Canadian dollar added to the bearish tone in canola, according to participants.
However, ideas that the losses were looking overdone provided some underlying support. Persistent South American production concerns also helped temper the declines.
About 6,300 canola contracts had traded as of 8:57 CST.
