By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 3 (MarketsFarm) – ICE Futures canola contracts were slightly weaker at midday Wednesday, retreating from earlier gains as the market consolidated right above major chart support.
A stronger tone in the Canadian dollar and improving crop prospects in parts of Western Canada contributed to the declines in canola, according to traders.
However, gains in the Chicago Board of Trade soy complex provided some spillover support.
U.S. grain and oilseed markets will be closed Thursday for Independence Day, while the canola market trades its usual hours.
About 7,500 canola contracts traded as of 10:33 CDT.
Prices in Canadian dollars per metric tonne at 10:33 CDT:
Price Change
Canola Nov 450.70 dn 0.50
Jan 457.30 dn 0.80
Mar 464.00 dn 0.70
May 469.30 dn 1.00
