By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 5 (MarketsFarm) – ICE Futures canola contracts were weaker at midday Friday, as losses in the Chicago Board of Trade soybeans weighed on values.
Chart-based speculative selling was a feature, with the November contract trading right above major technical support.
Improving moisture conditions in parts of Western Canada also weighed on values. However, there are also still plenty of areas of concern across the Prairies to keep some weather premiums in the market, according to a broker. He noted that while recent rains have helped boost crop prospects in Saskatchewan, germination was spotty and overall yields across the country will likely end up below average.
The Canadian dollar was slightly weaker on Friday, providing some underlying support.
About 6,500 canola contracts traded as of 10:49 CDT.
Prices in Canadian dollars per metric tonne at 10:49 CDT:
Price Change
Canola Nov 444.80 dn 3.90
Jan 451.40 dn 4.20
Mar 458.00 dn 4.00
May 463.70 dn 4.00
