By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Aug. 9 (MarketsFarm) – The ICE Futures canola market was posting small losses at midday Wednesday, as the Canadian oilseed continued to rebalance itself relative to the Chicago soy complex in choppy trade.
While soybeans and soyoil were firmer at midday, they had moved sharply lower on Monday when Canadian markets were closed for a long weekend.
Losses in European rapeseed futures also weighed on canola, although a trader said canola was looking relatively cheap compared to other oilseeds.
While timely rains and moderate temperatures were aiding crop development, the trader noted that canola production is unlikely to live up to early estimates after hot and dry weather earlier in the growing season.
About 17,000 canola contracts traded as of 10:42 CDT.
Prices in Canadian dollars per metric tonne at 10:42 CDT:
Canola Nov 786.00 dn 4.90
Jan 791.10 dn 3.90
Mar 791.60 dn 4.90
May 790.00 dn 5.10
