By Dave Sims, Commodity News Service Canada
WINNIPEG, November 21 (CNS) – Canola contracts on the ICE Futures Canada platform were slightly lower at 10:50 CST on Tuesday, weighed down by a higher Canadian dollar.
Losses in U.S. soybeans added to the downside.
Canola is facing stiff technical resistance, according to a trader in Winnipeg.
India’s declaration that it would impose tariffs on vegetable oil imports continues to cast a bearish tone over the market.
However, gains in soyoil were supportive for canola.
Demand continues to be steady, according to the trader.
About 8,200 canola contracts had traded as of 10:50 CST.
Prices in Canadian dollars per metric ton at 10:50 CST:
