By Dave Sims, Commodity News Service Canada
WINNIPEG, July 21 – Canola contracts on the ICE Futures Canada platform were bouncing around unchanged at 10:55 CDT on Thursday, due to technical selling.
The Canadian dollar was stronger relative to its US counterpart, which made canola less attractive to out-of-country buyers.
The current heat wave in the US Midwest is not expected to last as long as initially thought, which was bearish for values.
The technical bias is leaning to the downside. If selling occurs, the losses could build on themselves, an analyst said.
However, the US soy complex was mildly higher, which supported canola.
Excess water in parts of Manitoba and Saskatchewan has thrown a weather premium into the market, according to a Winnipeg-based trader.
Canola could see spillover action from the US soy complex later today, according to a report.
About 9,600 canola contracts had traded as of 10:55 CDT.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:55 CDT:
