By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, June 20 (CNS Canada) – ICE Futures Canada canola contracts were weaker at midday Tuesday, as a downturn in the Chicago Board of Trade soy complex weighed on values.
A slight improvement in the weekly US crop condition ratings accounted for some of the weakness in CBOT soybeans, and that selling pressure spilled into canola, according to participants.
Losses in soyoil were also bearish for canola, amid ideas that the vegetable oil market had “peaked out,” according to a broker.
However, while US crop conditions showed some improvement, the Canadian outlook remains very uncertain.
“It’s too wet, too dry, too early, too late; it’s all over the map,” said a broker on the highly varied conditions across the Prairies.
Weakness in the Canadian dollar also provided some underlying support for canola.
About 12,000 canola contracts had traded as of 10:54 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
