By Dave Sims, Commodity News Service Canada
WINNIPEG, January 8 (CNS) – Canola contracts on the ICE Futures Canada platform were lower at 10:40 CST on Monday, weighed down by losses in the U.S. soy complex.
Speculator interest seems to have dried up for the moment, according to a trader in Winnipeg.
The March canola contract ran into technical resistance, which sent values lower.
Rain in Argentina has helped alleviate some of the concerns over soil dryness.
However, gains in Malaysian palm oil futures helped prop up prices.
The longer-term technical bias is pointed higher.
About 10,000 canola contracts had traded as of 10:40 CST.
Prices in Canadian dollars per metric ton at 10:40 CST:
