By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, June 26 (CNS Canada) – ICE Futures Canada canola contracts were weaker at midday Monday, as speculative selling kept the market under pressure to start the week.
In addition to the bearish chart signals, canola was also pressured by strength in the Canadian dollar and losses in Chicago Board of Trade soyoil, according to a broker.
Relatively favourable North American crop conditions also weighed on values, although concerns over excessive moisture in parts of the Canadian Prairies helped limit the losses.
Tight old crop supplies, uncertainty of new crop production, and oversold price sentiment also provided support.
“We need a big canola crop this year just to maintain supplies,” said the broker.
About 10,000 canola contracts had traded as of 10:39 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
