By Jade Markus, Commodity News Service Canada
WINNIPEG, MB, July 13, 2017 (CNS Canada) – ICE Canada canola contracts were weaker at midday on Thursday, though one market watcher says the worst may be over for now.
Canola dropped sharply over the last few days, feeling pressure from a rapidly advancing Canadian dollar, losses in the US soy complex, and improving crop conditions in Western Canada.
“I think we’ve seen the lows of the day today, I’d be surprised if we go lower,” said one Winnipeg-based trader and farmer.
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He added that the market doesn’t seem to have the same down pressure on it that it did yesterday, and most of the market’s current losses took place in the morning.
Beneficial rains which fell across the Prairies have eased some concerns about this year’s crop, but there are still areas needing more moisture, and thoughts that some production has already been
lost.
About 10,461 contracts had traded as of 10:40 a.m. CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric tonne at 10:40 a.m. CDT:
