By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Jan. 3 (CNS Canada) – ICE Canada canola contracts were weaker Tuesday morning, as the market started the new year seeing a continuation of the selling pressure that weighed on values in late December.
Bearish technical signals were behind much of the early weakness, with the March contract dipping below the psychological C$500 per tonne level.
Early losses in Chicago Board of Trade soybeans and favourable South American crop conditions weighed on canola as well, according to participants.
However, canola remains attractively priced compared to other oilseeds, and solid end user demand helped limit the losses.
About 6,000 canola contracts had traded as of 8:50 CST.
Milling wheat, durum, and barley futures were all untraded.
