By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Jan. 8 (CNS Canada) – ICE Futures Canada canola contracts were weaker Monday morning, as values backed away from nearby resistance.
The nearby March contract briefly touched the psychological C$500 per tonne mark in overnight activity, but ran into speculative selling pressure.
Continued strength in the Canadian dollar, which rallied on Friday and held steady Monday morning, contributed to the early weakness in canola, according to traders.
Soybean and soyoil futures at the Chicago Board of Trade were relatively steady, providing little direction for canola as traders on both sides of the border squared positions ahead of the United States Department of Agriculture’s monthly supply/demand report due out on Friday.
About 3,200 canola contracts had traded as of 8:57 CST.
