By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Aug. 2 (MarketsFarm) – The ICE Futures canola market was weaker at midday Wednesday, posting losses for the fifth-straight session as bearish technical signals kept speculators on the sell side of the market.
Losses in Chicago soybeans accounted for some spillover pressure in the Canadian oilseed, although soyoil held closer to unchanged and European rapeseed futures were stronger.
A Russian attack on Ukrainian grain handling facilities on the Danube River provided some overnight strength for the grains and oilseeds, including canola, but any support from the ongoing conflict subsided as the North American session progressed.
Prairie weather conditions were mixed, with some areas receiving rain over the past week while at least half of the growing areas remain on the dry side.
Weakness in the Canadian dollar provided some underlying support.
About 18,000 canola contracts traded as of 10:48 CDT.
Prices in Canadian dollars per metric tonne at 10:48 CDT:
Canola Nov 774.60 dn 4.50
Jan 779.00 dn 4.90
Mar 781.60 dn 4.30
May 779.60 dn 5.00
