By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 6 (MarketsFarm) – The ICE Futures canola market was weaker Tuesday morning, seeing a continuation of Monday’s losses as activity resumed in the Chicago Board of Trade soy complex.
Soybeans and soyoil were down sharply following the Independence Day long weekend, as forecasts calling for relatively favourable Midwestern weather weighed heavily on values.
Rains in western parts of the Canadian Prairies were also bearish for canola, although more moisture will be needed and most of Manitoba was missing out on the precipitation
The Canadian dollar was weaker in early activity, providing some underlying support for canola.
About 12,300 canola contracts had traded as of 8:50 CDT.
Prices in Canadian dollars per metric ton at 8:50 CDT:
Price Change
Canola Nov 772.50 dn 28.90
Jan 769.30 dn 28.80
Mar 766.50 dn 23.60
May 755.60 dn 23.30
