By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 15 (MarketsFarm) – ICE Futures canola contracts were weaker at midday Monday, taking some direction from Chicago Board of Trade soybeans in thin and choppy activity.
“It’s just quietly lower,” said a Winnipeg-based trader adding that “everybody’s focused on the weather.”
Forecasts out of the United States were shifting, keeping some caution in the grains and oilseeds, as investors wait for any updates.
Thunderstorm activity across the Canadian Prairies likely caused localized damage, “but overall growers were happy to see the moisture,” the trader added.
The Canadian dollar was holding steady at midday, providing little direction.
About 3,500 canola contracts traded as of 10:56 CDT.
Prices in Canadian dollars per metric tonne at 10:56 CDT:
Canola Nov 447.80 dn 2.90
Jan 454.60 dn 3.10
Mar 461.20 dn 3.30
May 467.70 dn 2.60