By Phil Franz-Warkentin, Commodity News Service Canada
July 25, 2014
Winnipeg – ICE Canada canola contracts were weaker Friday morning, as losses in the CBOT soy complex put some pressure on values.
Bearish technical signals contributed to the declines as the bounce off of chart lows posted earlier in the week ran into resistance and stalled to the upside, bringing speculators back to the sell side.
Expectations for a large US soybean crop and improving Canadian conditions weighed on values as well, according to participants.
However, there are still enough ongoing concerns over excessive moisture in parts of the Canadian Prairies and dryness in others to keep some weather premiums in the futures.
Uncertainty over the size and quality of the European rapeseed crop, as untimely rains have hurt harvest operations in parts of Germany and France, was also supportive for canola, according to participants.
About 1,200 canola contracts had traded as of 8:54 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:54 CDT:
