By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, July 25 (CNS Canada) – ICE Futures canola contracts were holding onto small gains at midday Wednesday, recovering from overnight losses in thin and choppy activity.
Persistent weather concerns in some dry areas of Western Canada provided underlying support, while the nearby technical signals are also pointed higher, according to participants.
News that the United States government would provide US$12 billion worth of subsidies to farmers hurt by the ongoing trade war with China kept some caution in the grains and oilseeds, as the overall impact on the commodity markets remains unclear. Soybeans at the Chicago Board of Trade were holding near unchanged, while soyoil was a bit firmer.
The Canadian dollar was stronger at midday, putting some pressure on canola.
About 6,000 canola contracts had traded as of 11:03 CDT.
