By Dave Sims, Commodity News Service Canada
WINNIPEG, August 1 (CNS) – Canola contracts on the ICE Futures Canada platform were sharply lower at 10:35 CDT on Tuesday, tracking losses in US soybeans.
Steep losses in vegetable oil were also bearish for the market.
Cooler weather across the Prairies and the US Midwest undermined oilseed prices.
The technical bias is pointed lower.
However, many canola fields in southern Alberta and southern Saskatchewan have suffered irreversible heat damage, which was supportive.
Losses in the Canadian dollar and slow farmer selling helped lend some support to canola.
About 5,000 canola contracts had traded as of 10:35 CDT.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:35 CDT:
