By Phil Franz-Warkentin, MarketsFarm

WINNIPEG, Dec. 2 (MarketsFarm) – The ICE Futures canola market was weaker Wednesday morning, backing away from major chart resistance as losses in the Chicago Board of Trade soy complex weighed on values

Beneficial rains in South America accounted for some of the selling pressure in the soy market that spilled into canola to start the day, although more moisture will be needed for dry crops in Brazil and Argentina.

Statistics Canada releases updated production estimates on Thursday, Dec. 3, and most industry participants expect to see a downward revision to the canola crop from the 19.3 million tonnes forecast in September. Pre-report positioning should account for some of the activity ahead of the data.

The Canadian dollar was holding relatively steady Wednesday morning.

About 10,000 canola contracts had traded as of 8:46 CST.

Prices in Canadian dollars per metric ton at 8:46 CST:

Price Change
Canola Jan 576.60 dn 7.20
Mar 573.20 dn 5.90
May 570.10 dn 5.00
Jul 565.20 dn 3.80