By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 2 – ICE Canada canola contracts were weaker Friday morning, as losses in outside oilseed markets and a firmer Canadian dollar weighed on values.
Follow-through speculative selling after Thursday’s turn lower contributed to the declines, with the nearby chart signals looking bearish as the November contract tried and failed for five straight sessions to break above resistance.
Statistics Canada released its updated production estimates Friday morning, pegging this year’s canola crop at 14.3 million tonnes. That was right in line with trade guesses, but most market participants are still anticipating further upward revisions in subsequent reports.
About 7,800 canola contracts had traded as of 8:55 CDT.
Milling wheat, durum, and barley futures were all untraded.
