By Dave Sims, Commodity News Service Canada
WINNIPEG, Aug. 22 (CNS) – Canola contracts on the ICE Futures platform were lower at midday Wednesday, dragged down by losses in the Chicago Board of Trade soy complex.
The Canadian dollar was slightly higher, which also weighed on futures.
Reports from the ProFarmer crop tour indicate soybean yields in the Midwest are looking fairly strong, which was bearish for canola.
Some farmer selling has emerged as harvest proceeds across the Prairies, which undermined values.
However, canola is enjoying some technical support at the C$500 per tonne mark.
Demand for Canadian canola remains steady.
About 5,700 canola contracts had traded as of 10:40 CDT.
Prices in Canadian dollars per metric ton at 10:40 CDT:
