By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 16 (MarketsFarm) – ICE Futures canola contracts were weaker at midday Tuesday, nearing major chart support as losses in the Chicago Board of Trade soy complex weighed on values.
Slight improvements in United States soybean and corn condition ratings likely accounted for some of the selling pressure in canola as well, according to a Winnipeg-based trader.
He said recent improvements in Canadian crop conditions were also bearish. Large old crop supplies and ongoing uncertainty over trade with China also kept the bias to the downside.
However, crops across North America are developing later than normal this year, and uncertainty over growing conditions heading through the summer kept some caution in the markets.
Chart support was also holding to the downside in canola, with the Canadian oilseed starting to look a little underpriced compared to soybeans.
About 5,800 canola contracts traded as of 10:47 CDT.
Prices in Canadian dollars per metric tonne at 10:47 CDT:
Price Change
Canola Nov 442.90 dn 4.00
Jan 449.90 dn 4.00
Mar 456.80 dn 3.90
May 462.60 dn 3.90
