ICE canola continues lower

By Marlo Glass, MarketsFarm
WINNIPEG, July 16 (MarketsFarm) – The ICE Futures canola market was lower Tuesday morning, continuing to observe light trade volumes.
Some experts are expecting the market to bounce back higher in days to come, reflecting on traders’ reluctance to break prices out of consolidation patterns. There is still considerable uncertainty regarding growing conditions across North America, and how they might impact crop yields.
Spillover selling in the soy complex further weighed on canola values, along with no end in sight to China shunning Canadian canola.
The Canadian dollar held steady again its U.S. counterpart, remaining at its highest levels in over a year.
Crop conditions are improving across North America, but some areas haven’t bounced back as quickly as anticipated. A weather premium remains in the markets.
About 2,600 canola contracts had traded as of 8:45 CDT.
Prices in Canadian dollars per metric ton at 8:45 CDT:
Price Change
Canola Nov 448.20 dn 4.60
Jan 455.30 dn 4.40
Mar 463.10 dn 3.70
May 468.80 dn 3.70

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