By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, July 31 (CNS Canada) – ICE Canada canola contracts were weaker Monday morning, as losses in the Chicago Board of Trade soy complex weighed on prices to start the week.
Many US soybean growing regions saw some good precipitation over the weekend, while cooler temperatures in the forecasts across the Midwest are also helping ease concerns over heat stress.
Chart-based speculative selling contributed to the early declines, as canola backed away from the top end of its nearby range.
However, persistent hot and dry conditions in many areas of Western Canada helped underpin the market. A slightly softer tone in the Canadian dollar relative to its US counterpart, tight old crop canola supplies, and a lack of significant farmer selling also served to limit the losses.
About 3,000 canola contracts had traded as of 8:58 CDT.
Milling wheat, durum, and barley futures were all untraded.
