By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 28 (MarketsFarm) – The ICE Futures canola market was weaker at midday Tuesday, as sharp losses in the Chicago Board of Trade soy complex spilled over to weigh on values.
Improving crop condition ratings from the United States Department of Agriculture sparked a selloff in soybeans, accounting for much of the weakness in canola.
Relatively favourable Canadian crop weather added to the softer tone, although enough areas of concern remain to keep some weather premiums in the market.
The Canadian dollar was slightly softer at midday, which provided some underlying support. The nearby technical signals also remain pointed higher, although canola tested major resistance on Monday.
About 7,600 canola contracts traded as of 10:26 CDT.
Prices in Canadian dollars per metric tonne at 10:26 CDT:
Price Change
Canola Nov 486.70 dn 2.00
Jan 493.40 dn 2.20
Mar 498.20 dn 1.90
May 501.00 dn 1.90
