By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 2 (MarketsFarm) – The ICE Futures canola market was weaker Tuesday morning, testing nearby support as losses in Chicago Board of Trade soybeans weighed on values.
The most-active November contract briefly traded below the psychological C$450 per tonne level, which encouraged more speculative selling, according to a broker.
Scattered rainfall over the Canada Day long weekend in parts of Alberta and Saskatchewan was also bearish.
However, many areas missed out on the moisture and more rain will be needed going forward.
ICE Futures reported deliveries of 1,139 contracts against the July futures.
About 10,000 canola contracts traded as of 10:52 CDT.
Prices in Canadian dollars per metric tonne at 10:52 CDT:
Price Change
Canola Nov 451.00 dn 4.90
Jan 458.40 dn 4.70
Mar 465.50 dn 4.30
May 471.10 dn 4.00
