By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, June 23 (CNS Canada) – ICE Canada canola contracts were weaker Thursday morning, continuing their trend of the past week as bearish technical signals and good North American weather conditions weighed on values.
Early strength in the Canadian dollar added to the softer tone in canola, according to participants.
Chicago Board of Trade soybeans were also down in early activity, although soyoil was holding steady.
However, ideas that losses were starting to look overdone helped provide underlying support.
The need to keep some weather premiums in the market, given the long growing season ahead, and end-user bargain hunting provided some support as well. A general sense of uncertainty in global financial markets, as Britain votes on whether or not it will leave the European Union, was also keeping some caution in the agricultural futures.
About 5,000 canola contracts had traded as of 8:54 CDT.
Milling wheat, durum, and barley futures were all untraded.
