By Terryn Shiells, Commodity News Service Canada
Winnipeg, July 18 – Canola contracts on the ICE Futures Canada platform were weaker Friday morning, seeing some spillover pressure from the weakness in Malaysian palm oil and European rapeseed futures overnight, analysts said.
Chicago soybean futures were also starting to turn lower Friday morning, putting additional downward pressure on canola.
Good growing conditions for the US soybean crop, improving weather forecasts in Western Canada and the firmer Canadian dollar added to the bearish tone.
However, the need to keep a weather premium built into prices, due to worries about flood damage in some parts of Western Canada, and dryness in others, limited the declines.
Slow farmer selling and steady commercial demand kept a firm floor under the market.
As of 8:48 CDT Friday, about 2,900 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions after Thursday’s close.
Prices in Canadian dollars per metric ton at 8:48 CDT:
