By Dave Sims, Commodity News Service Canada
WINNIPEG, July 19 – Canola contracts on the ICE Futures Canada platform were lower at 10:40 CDT on Tuesday, following losses in US soybeans.
“We’ll see what the soybeans do. The weather forecast (for the Midwest) is bouncing back and forth, it now looks wetter and cooler,” noted a Winnipeg-based trader.
The Canadian dollar was weaker compared to its American counterpart, which made canola more attractive to domestic crushers and out-of-country buyers.
There are indications speculators are starting to sell more as the chart turns negative, said the trader.
However, gains in Malaysian palm oil and European rapeseed futures gave the market some support.
Farmer selling is slowing down, which gave prices some strength, the trader said.
Despite the losses, Chicago Board of Trade soyoil was holding up rather well, he added.
About 5,300 canola contracts had traded as of 10:40 CDT.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:40 CDT:
