By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, July 25 (CNS Canada) – ICE Canada canola contracts were holding near unchanged Monday morning, as losses in the CBOT soy complex put a damper on an early attempt at correcting higher.
The most active November contract briefly traded below the psychological C$450 per tonne mark in overnight activity. However, support came forward at the lows and some speculative short-covering briefly gave the market a boost.
End-user bargain-hunting was another supportive influence, with crush margins at some of their widest levels of the past year.
The Canadian dollar was down by roughly half a cent relative to its US counterpart, which provided further support for canola.
However, relatively favourable North American crop conditions limited the upside potential in canola and prices retreated back below unchanged. Losses in CBOT soybeans and soyoil, along with the generally bearish technical outlook also weighed on values.
About 6,500 canola contracts had traded as of 8:47 CDT.
Milling wheat, durum, and barley futures were all untraded.
