By Dave Sims, Commodity News Service Canada
WINNIPEG, August 1 (CNS) – Canola contracts on the ICE Futures platform were correcting lower at midday Wednesday, in the wake of Tuesday’s sharp gains.
Weakness in Chicago Board of Trade soybeans and soyoil weighed on the market.
Lackluster demand and a pullback in buying by large funds also dragged on values.
Some buyers may be waiting for new crop supplies to come onto the market, when prices will likely be cheaper, said a trader in Winnipeg.
Slight gains in the Canadian dollar were bearish for values.
However, dryness problems in Western Canada lent some strength to the market.
About 6,000 canola contracts had traded as of 10:45 CDT.
Prices in Canadian dollars per metric ton at 10:45 CDT:
