By Dave Sims, Commodity News Service Canada
WINNIPEG, July 17 – ICE Canada canola contracts were lower Friday morning, following losses in US soybeans.
Showers in parts of central and northern Alberta, along with areas of north-central Saskatchewan partially alleviated dry conditions but were bearish for values.
Overall, oilseeds are feeling pressure from spec/fund long
liquidation, according to an analyst.
However, the Canadian dollar was slightly weaker against its American counterpart, which improved canola’s attractiveness on the international market.
US soyoil was higher which helped limit the losses in canola.
Despite recent precipitation on the Western Prairies, the canola crop is still being negatively affected by extreme dryness, according to a report.
About 3,300 canola contracts had traded as of 8:40 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:40 CDT:
