By Dave Sims, Commodity News Service Canada
WINNIPEG, August 3 (CNS) – Canola contracts on the ICE Futures Canada platform were weaker at 10:45 CDT on Thursday, tracking losses in vegetable oil markets.
The Canadian dollar was slightly stronger, relative to its US counterpart, which made canola less attractive to domestic crushers and foreign buyers.
Milder weather conditions in the US Midwest are expected to aid the soybean crop, which was bearish for values.
Losses in US soybeans undermined prices.
The November contract is feeling resistance at the C$500 per tonne mark.
However, canola fields in southern Saskatchewan and Alberta remain under heat-stress, which was supportive.
Steady soybean exports from South America underpinned values.
About 5,200 canola contracts had traded as of 10:45 CDT.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:45 CDT:
