By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 28 (MarketsFarm) – The ICE Futures canola market was weaker Wednesday morning, seeing some follow-through selling after Tuesday’s late turn lower.
Speculative positioning was a feature, with the underlying fundamentals still supportive for canola.
Scattered thunderstorm activity was bringing moisture to some dry areas of the Prairies, although the forecasts remain hot and dry overall with any moisture at this stage unlikely to do much to help drought-stricken crops.
The Chicago Board of Trade soy complex was holding near unchanged in early activity, providing little direction for canola.
About 3,900 canola contracts had traded as of 8:51 CDT.
Prices in Canadian dollars per metric ton at 8:51 CDT:
Canola Nov 885.50 dn 8.90
Jan 869.70 dn 9.80
Mar 850.90 dn 11.20
May 830.20 dn 11.80
Futures Prices as of July 28, 2021
Prices are in Canadian dollars per metric ton