By Dave Sims, Commodity News Service Canada
WINNIPEG, July 16 (CNS) – Canola contracts on the ICE Futures Canada platform were slightly stronger at midday Monday, tracking gains in U.S. soybeans.
The market was correcting itself after Friday’s losses.
Dryness in parts of the Western Prairies were bullish for the futures.
However, speculators have largely sold off their long positions for the time being, according to a trader in Winnipeg.
“They propped it up for a while but as the U.S. market weakened the canola broke and the specs had to dump their longs because they were starting to cost them money, which could continue,” he said.
Losses in soyoil were bearish for prices.
About 7,400 canola contracts had traded as of 10:50 CDT.
Prices in Canadian dollars per metric ton at 10:50 CDT:
