By Terryn Shiells, Commodity News Service Canada
Winnipeg, July 29 – The ICE Futures Canada canola market was mostly lower at midday Wednesday, taking some direction from weakness seen in Chicago soyoil futures, brokers said.
Rains in Alberta and Saskatchewan have stabilized crop conditions over the past few days, which was also weighing on prices.
Worries about slowing demand from China and spillover pressure from the declines seen in Malaysian palm oil and European rapeseed futures added to the bearish tone.
The market’s technical bias is also pointing lower, as it failed to follow through on Tuesday’s gains, according to analysts.
Though, ongoing ideas that Monday’s sell-off was overdone provided support, as did concerns about too much rain falling in Manitoba this week.
Expectations of tight Canadian canola supplies for 2015/16 kept a firm floor under the market.
As of 10:45 CDT Wednesday, about 6,500 contracts traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:45 CDT:
