By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 2 (MarketsFarm) – ICE Futures canola contracts were weaker Tuesday morning, taking some direction from the Chicago Board of Trade soy complex.
Soybeans settled lower on Monday, when the canola market was closed for Canada Day, and remained pointed lower on Tuesday.
Improving moisture conditions in parts of Western Canada and a firmer tone in the Canadian dollar also weighed on values.
However, there are still plenty of areas of concern across the Prairies to keep some weather premiums in the market.
Chart support was also holding to the downside, with Friday’s bounce higher seen as constructive from a technical standpoint.
About 2,300 canola contracts had traded as of 8:33 CDT.
Prices in Canadian dollars per metric ton at 8:33 CDT:
Price Change
Canola Nov 451.60 dn 4.30
Jan 458.90 dn 4.20
Mar 465.70 dn 4.10
May 471.70 dn 3.40
