By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Feb. 11 (CNS Canada) – ICE Futures canola contracts were mostly weaker Monday morning, testing the lower edge of their nearby trading range.
Losses in Chicago Board of Trade soyoil futures accounted for some spillover selling pressure in the canola market.
Large canola supplies, a lack of significant end user demand and bearish technical signals also weighed on values, according to participants.
On the other side, early weakness in the Canadian dollar provided some underlying support.
Uncertainty ahead of trade talks between the United States and China taking place in Beijing this week kept some caution in the grain and oilseed markets.
About 4,300 canola contracts had traded as of 8:49 CST.
Prices in Canadian dollars per metric ton at 8:49 CST:
Canola Mar 481.30 dn 2.00
May 489.60 dn 2.20
Jul 497.40 dn 2.50
Nov 496.70 dn 2.50