By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 25 (MarketsFarm) – The ICE Futures canola market weaker at midday Tuesday, as losses in Chicago Board of Trade soyoil and a firmer tone in the Canadian dollar also weighed on prices.
The most active November contract was testing chart support around the C$460 per tonne level.
Recent rainfall across Western Canada was also bearish, as dryness concerns have alleviated somewhat. Chart-based speculative selling contributed to the declines, with some stops hit on the way down.
However, “it’s not as if we’re staring at a whopper canola crop across the Prairies,” said a broker noting some of the major canola growing regions of north and eastern Saskatchewan only received light precipitation.
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Chicago Board of Trade soybeans were steady at midday, helping underpin canola.
About 11,500 canola contracts traded as of 10:45 CDT.
Prices in Canadian dollars per metric tonne at 10:45 CDT:
Price Change
Canola Jul 449.60 dn 2.50
Nov 460.00 dn 5.10
Jan 467.20 dn 4.90
Mar 473.70 dn 4.80
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