By Jade Markus, Commodity News Service Canada
WINNIPEG, July 12 – ICE Canada canola contracts were weaker at midday on Wednesday, as weather in Western Canada improves this year’s crop outlook.
“We’re down a little bit here today, we’ve had some rain over parts of the Prairies that needed it,” one market watcher said.
However, prices are likely to hold onto their weather premium, he added, as some production has already been lost to dryness.
Weakness in the US soy complex added to the bearish tone for canola on Wednesday.
Chicago Board of Trade soybeans, soymeal and soy oil were all lower as beneficial rains hit parts of the Midwest.
The Canadian dollar was sharply higher against its US counterpart at midday, after the Bank of Canada moved to raise interest rates.
A stronger loonie makes Canadian commodities more appealing to international buyers.
About 10,113 contracts had traded as of 10:24 a.m. CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric tonne at 10:24 a.m. CDT:
