By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 22 (MarketsFarm) – The ICE Futures canola market was weaker Thursday morning, seeing some follow-through selling after Wednesday’s declines as speculators continued to liquidate long positions.
Losses in the Chicago Board of Trade soy complex and a firmer tone in the Canadian dollar contributed to the selling pressure in canola.
Recent rains easing dryness concerns in parts of Western Canada were also bearish. However, the damage from hot and dry conditions earlier in the growing season has already been done and expectations for a smaller crop remained supportive as demand will need to be rationed going forward.
About 7,300 canola contracts had traded as of 8:41 CDT.
Prices in Canadian dollars per metric ton at 8:41 CDT:
Canola Nov 850.00 dn 29.90
Jan 837.60 dn 29.50
Mar 823.10 dn 28.90
May 804.30 dn 28.40