By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, May 16 (CNS Canada) – ICE Futures Canada canola contracts were weaker at midday Wednesday, as losses in the Chicago Board of Trade soy complex and strength in the Canadian dollar weighed on values.
Bearish chart signals exaggerated the move lower as the July contract dipped below the 50-day moving average.
Forecasts are calling for at least a chance of rain across much of the Prairies over the next few days. However, more moisture will be needed, as conditions are getting very dry in many areas.
A lack of farmer selling, as producers are still busy with spring seeding, provided some underlying support.
About 10,100 canola contracts had traded as of 10:58 CDT.