By Terryn Shiells, Commodity News Service Canada
Winnipeg, July 30 – Canola contracts on the ICE Futures Canada platform were slightly lower at 8:43 CDT Wednesday, undermined by follow-through selling on Tuesday’s losses, analysts said.
Spillover pressure from the declines seen in the Chicago soy complex and European rapeseed futures added to the bearish tone.
Improving weather forecasts for Western Canada this week and ongoing expectations of a record large 2014/15 US soybean crop also undermined prices.
However, the sharply lower Canadian dollar, which fell below the 92 cents US mark Wednesday morning, helped to limit the declines.
The need to keep a weather premium built into prices and talk that Tuesday’s losses discouraged farmers from selling were also supportive.
As of 8:43 CDT Wednesday, about 3,800 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions after Tuesday’s close.
Prices in Canadian dollars per metric ton at 8:43 CDT:
