By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, March 6 (CNS Canada) – ICE Futures Canada canola contracts were weaker Tuesday morning, seeing a profit-taking correction after climbing higher for the past two weeks.
Losses in Chicago Board of Trade soybeans and a firmer tone in the Canadian dollar contributed to the early weakness in canola, according to participants. Increased farmer selling brought on by the recent run-up in prices also weighed on values.
However, the nearby technical bias remains pointed higher, making any losses a buying opportunity from a chart standpoint. Soyoil futures were also posting small gains in early activity.
About 4,500 canola contracts had traded as of 8:56 CST.
