By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, July 7 (CNS Canada) – ICE Canada canola contracts were mostly lower Thursday morning, after bouncing around both sides of unchanged in overnight activity.
Prices were due for a corrective bounce after posting losses the previous three sessions. However, the advances proved short-lived and values retreated to test nearby support.
Bearish technical signals, a downturn in CBOT soybeans, strength in the Canadian dollar, and relatively favourable North American crop conditions all contributed to the eventual declines in canola, according to participants.
However, there are still more than enough areas of concern across the Prairies to keep some weather premiums in the futures. Solid exporter and domestic crusher demand, given the wide crush margins, also helped limit the losses.
About 4,000 canola contracts had traded as of 8:52 CDT.
Milling wheat, durum, and barley futures were all untraded.
