By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Dec. 23 (CNS Canada) – ICE Canada canola contracts were lower Friday morning, as the nearby charts have turned bearish and traders positioned themselves ahead of the Christmas break.
Canadian markets will close early on Friday and remain closed through next week Tuesday, reopening for the December 28 trading day. US markets reopen a day earlier.
The most active March canola contract has moved below some key former support levels in recent sessions, which could spark additional losses given the light holiday volumes, according to analysts.
Relatively favourable South American crop prospects also remained bearish for the oilseeds in general, according to participants.
Scale-down end-user demand and a weaker tone in the Canadian dollar provided underlying support, helping limit the losses.
About 10,000 canola contracts had traded as of 8:53 CST.
Milling wheat, durum, and barley futures were all untraded.
