By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, June 21 (CNS Canada) – ICE Canada canola contracts were down Tuesday morning, seeing some follow-through selling pressure after dropping below nearby support on Monday.
The most active new crop November contract was below the psychological C$500 per tonne level in early activity, hitting its lowest levels in over six weeks.
Declines in the CBOT soy complex put some spillover pressure on canola as well.
Relatively favourable crop conditions across most of Western Canada and the US Midwest were bearish as well, although there are still enough areas of concern to provide some underlying support.
Scale-down commercial demand and ideas that canola was starting to look oversold helped limit the losses.
About 10,000 canola contracts had traded as of 8:45 CDT.
Milling wheat, durum, and barley futures were all untraded.
