By Dave Sims, Commodity News Service Canada
WINNIPEG, July 2 – Canola contracts on the ICE Futures Canada platform were lower Wednesday morning after choppy action in overnight trading.
The effects of Monday’s losses are still being felt as traders try to bring values into cohesion with the soy complex which was down Tuesday when Canadian markets were closed, an analyst said.
The soy market is mostly weaker Wednesday morning but positioning ahead of the American long weekend could come forward to provide support, said participants.
The USDA acreage report continues to act as a bearish presence looming over the canola market, an analyst said.
The Canadian dollar is down slightly against its US counterpart this morning.
More rain fell on parts of the eastern Prairies Tuesday, adding to the speculation that lost acres could be in the 15 percent range of total production potential.
About 5,000 canola contracts had traded as of 8:35 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:35 CDT:
