By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, July 13 – Canola contracts on the ICE Futures Canada platform were weaker at midday Monday, as speculative profit-taking weighed on the thinly traded market.
Welcome rainfall across some parts of Western Canada over the weekend added to the softer tone in canola, according to a broker. However, he said the showers bypassed many of the drier areas completely and came with damaging hail in others.
Forecasts calling for hot temperatures over the next week limited the downside potential in canola as well, with the heat likely cutting further into the yield potential of the crop, said traders.
A firmer tone in the CBOT soy complex provided some spillover support for canola as well, helping limit the losses. The Canadian dollar was also weaker on Monday, which was supportive for crush margins.
About 6,000 canola contracts had traded as of 10:53 CDT.
Milling wheat, durum, and barley were all untraded.
Prices in Canadian dollars per metric ton at 10:53 CDT:
