By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 8 (MarketsFarm) – ICE Futures canola contracts were holding near unchanged Monday morning, seeing some consolidation to start the week after Friday’s drop to fresh lows.
Ideas that recent losses were overdone accounted for some of the buying interest. Early gains in Chicago Board of Trade soybeans also provided some spillover support.
However, canola was hard-pressed to see much room to the upside, as the underlying fundamentals remain relatively bearish.
While there are still areas of concern, moisture conditions across the Prairies have generally seen some improvement. Large old crop supplies and the ongoing trade dispute with China were also limiting the upside.
The Canadian dollar was slightly firmer Monday morning.
About 4,000 canola contracts had traded as of 8:45 CDT.
Prices in Canadian dollars per metric ton at 8:45 CDT:
Price Change
Canola Nov 442.60 dn 0.20
Jan 449.20 dn 0.40
Mar 456.40 up 0.40
May 462.10 up 0.40
