By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Jan. 31 (CNS Canada) – ICE Futures Canada canola contracts were posting small losses at midday Wednesday, as the market backed away from nearby resistance and speculative profit-taking came forward to weigh on prices.
Losses in Chicago Board of Trade soybeans and a firmer tone in the Canadian dollar contributed to the selling pressure in canola, according to participants.
However, solid end-user demand and a lack of significant farmer selling pressure provided some underlying support. Persistent South American weather concerns kept some caution in the futures as well.
About 11,500 canola contracts had traded as of 10:56 CST.
