By Terryn Shiells, Commodity News Service Canada
Winnipeg, July 2 – The ICE Futures Canada canola market was moving lower Thursday morning, catching up with the losses seen in Chicago soybean and soyoil futures on Wednesday, when Canadian markets were closed for Canada Day.
Profit taking on Tuesday’s sharp advances was also behind the price softness, according to analysts.
The large global oilseed supply situation was also overhanging values.
However, ongoing worries about weather related production problems in Western Canada were supportive, as supplies are expected to be very tight.
The sharp downswing in the value of the Canadian dollar was also underpinning prices, as it made canola more attractive to foreign buyers.
As of 8:33 CDT Thursday about 4,550 contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:33 CDT:
