By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Dec. 19 (CNS Canada) – ICE Futures Canada canola contracts were narrowly mixed Tuesday morning, seeing some consolidation after Monday’s declines.
While canola remains stuck in a downtrend from a chart standpoint, the recent losses brought the market into oversold territory and left the door open to some profit-taking ahead of the New Year.
A firmer tone in Chicago Board of Trade soyoil provided spillover support to canola, although soybeans were slightly lower.
Agriculture and Agri-Food Canada released updated supply/demand tables on Monday, raising their forecast for 2017/18 canola ending stocks to 2.0 million tonnes, from an earlier estimate of 1.0 million. The larger supply situation kept end users only interested on a scale-down basis.
About 8,000 canola contracts had traded as of 9:05 CST.
