By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, June 15 (CNS Canada) – ICE Canada canola contracts were lower Thursday morning, seeing some follow-through selling after posting losses for most of the past week.
Bearish technical signals were behind much of the early selling pressure, while improving moisture conditions in some parts of Western Canada added to the softer tone, according to participants.
Early losses in Chicago Board of Trade soybeans also put some spill-over pressure on canola, although soyoil was holding onto small gains.
The Canadian dollar was weaker in early activity, which helped limit the losses in canola.
Tightening old crop supplies and ideas that the recent losses are starting to look overdone also provided underlying support.
About 4,500 canola contracts had traded as of 8:57 CDT.
Milling wheat, durum, and barley futures were all untraded.
