By Terryn Shiells, Commodity News Service Canada
WINNIPEG, July 29 – Canola contracts on the ICE Futures Canada platform were softer Tuesday morning, undermined by profit taking on recent advances.
Forecasts calling for improving weather conditions across Western Canada this week also weighed on prices, analysts said.
Spillover pressure from weakness in the Chicago soy complex and expectations of a very large 2014/15 US soybean crop added to the bearish tone.
However, spillover from the advances seen in European rapeseed futures overnight and the weaker Canadian dollar limited the downside.
Ongoing worries about lower yield potential due to unfavourable growing conditions in parts of Western Canada this year were also supportive, as was slow farmer selling.
As of 8:47 CDT Tuesday, about 3,285 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions after Monday’s close.
Prices in Canadian dollars per metric ton at 8:47 CDT:
