By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Aug. 3 (CNS Canada) – ICE Canada canola contracts were weaker Thursday morning, moving back below the C$500 per tonne mark in the November contract.
Favourable Midwestern weather forecasts and the resulting losses in Chicago soybeans accounted for some of the spillover selling pressure in the Canadian market, according to participants.
Growing conditions across the Prairies were reportedly seeing some improvement, adding to the softer tone. However, there are also still plenty of areas of concern, which should be helping limit the declines.
Weakness in the Canadian dollar, which has fallen well off its nearby highs, also provided some underlying support for canola.
About 2,500 canola contracts had traded as of 8:48 CDT.
Milling wheat, durum, and barley futures were all untraded.
