By Terryn Shiells, Commodity News Service Canada
Winnipeg, July 31 – The ICE Futures Canada canola market was softer at midday Friday, following the weakness in the Chicago soy complex, analysts said.
Reports of improving weather conditions for US soybeans and Canadian canola were also weighing on the market.
Expectations of heavy farmer selling at harvest time added to the bearish tone, as did talk that the canola market’s long term technical bias is pointed lower.
However, there are some parts of Manitoba and Saskatchewan that have received too much rain this week, which was supportive, as it could lower yield potential.
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The slightly softer tone in the Canadian dollar was also underpinning values, as it made canola more attractive to crushers and exporters.
Activity is expected to remain light and choppy throughout the day, as traders will even positions ahead of the long weekend. Canadian markets are closed for a Civic Holiday on Monday, August 3.
As of 10:33 CDT Friday, about 7,700 contracts traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:33 CDT:
