By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Dec. 11 (CNS Canada) – ICE Futures Canada canola contracts were weaker Monday morning, as the general technical downtrend kept speculators on the sell side.
Early losses in the Chicago Board of Trade soy complex contributed to the weaker tone in canola, as relatively favourable crop conditions in South America weighed on the oilseeds in general, according to participants.
Ample supplies in the commercial system also weighed on values, although both exporters and domestic crushers continue to show solid demand on a scale-down basis.
The January contract was also finding support right above the 200-day moving average of C$503.30 per tonne. A move below that level could trigger additional selling.
About 6,000 canola contracts had traded as of 9:00 CST.
