By Terryn Shiells, Commodity News Service Canada
WINNIPEG, July 29 – Canola contracts on the ICE Futures Canada platform were weaker at 10:40 CDT Tuesday, following the losses seen in Chicago soyoil and soybean futures, analysts said.
Profit taking and a pickup in farmer selling following Monday’s advances also helped to weigh on prices, brokers said.
Further downward pressure came from forecasts calling for beneficial weather in Western Canada this week.
However, the downswing in the value of the Canadian dollar helped to limit the declines, as it made canola more attractive to crushers and exporters.
Ongoing worries about yield losses, due to recent unfavourable growing conditions in Western Canada, were also supportive.
As of 10:40 CDT Tuesday, about 9,100 contracts had traded.
Milling wheat, barley and durum futures were untraded after the Exchange adjusted wheat values following Monday’s close.
Prices in Canadian dollars per metric ton at 10:40 CDT:
