By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Aug. 8 (MarketsFarm) – The ICE Futures canola market was weaker at midday Tuesday, taking some direction from the Chicago soy complex.
Soybean and soyoil futures were down sharply on Monday when Canadian markets were closed for civic holidays and remained pointed lower on Tuesday. Improving moisture conditions across much of the Midwest were behind the weakness in the soy complex.
Canadian weather conditions also look relatively favourable for crop development, with timely rains and moderate temperatures. However, any moisture may soon start to cause harvest delays for early maturing fields.
The Canadian dollar was weaker at midday, losing half a cent relative to its United States counterpart, which provided some underlying support.
About 19,600 canola contracts traded as of 10:34 CDT.
Prices in Canadian dollars per metric tonne at 10:34 CDT:
Canola Nov 786.30 dn 11.20
Jan 789.70 dn 10.20
Mar 789.60 dn 10.00
May 789.90 dn 6.70
