By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 19 – (MarketsFarm) – ICE Futures canola contracts were weaker at midday Tuesday, taking back Monday’s gains as activity in outside markets weighed on values.
Losses in Chicago soyoil and a firmer tone in the Canadian dollar were both bearish for canola, cutting into crush margins. However, canola remained rangebound overall.
“We’re just chopping around right now,” said a broker, adding “there are no big forces at work.”
He added that crop conditions were relatively decent across the Prairies, with about 60 per cent of the canola crop likely in the good-to-excellent category. Manitoba and Saskatchewan were seeing some rain on Tuesday, with the longer-range outlooks calling for warmer and drier conditions.
About 7,400 canola contracts traded as of 10:25 CDT.
Prices in Canadian dollars per metric tonne at 10:25 CDT:
Canola Nov 836.70 dn 19.10
Jan 845.40 dn 17.50
Mar 850.20 dn 19.30
May 855.20 dn 18.80
