By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 14 (MarketsFarm) – The ICE Futures canola market was showing small losses at midday Friday, seeing a modest correction as traders squared positions ahead of the weekend.
Ideas that the market was starting to look overbought from a chart standpoint accounted for some of the selling pressure, with losses in Chicago soyoil and European rapeseed also weighing on values.
However, continued dryness concerns across much of the Prairies and ideas that yields are unlikely to live up to early expectations helped temper the declines.
A weaker tone in the Canadian dollar, which was down by nearly half a cent relative to its United States counterpart, was also supportive.
About 24,500 canola contracts traded as of 11:05 CDT.
Prices in Canadian dollars per metric tonne at 11:05 CDT:
Canola Nov 814.30 dn 0.10
Jan 809.40 dn 3.50
Mar 799.90 dn 4.00
May 787.20 dn 3.00
