ICE canola weaker Wednesday

By Marlo Glass, MarketsFarm
WINNIPEG, July 31 (MarketsFarm) – The ICE Futures canola market was slightly lower on Wednesday morning, following the downward trend set earlier in the week.
Weather forecasts across the Prairies and in the U.S. Midwest have improved to the point that the market has lost most of its weather premium.
The Canadian dollar hovered around 76 U.S. cents on Wednesday morning, which weighed on values.
Weakness in soybean prices on the Chicago Board of Trade also dragged on values. A positive half-day session of negotiations between the United States and China included discussions about China buying U.S. farm goods. However, with no deal in sight, markets did not find support from the positive sentiments. Talks are expected to continue in September.
Today is the last day of the 2018-2019 marketing year for most commodities, including canola.
About 1,500 canola contracts had traded as of 8:40 CDT.
Prices in Canadian dollars per metric ton at 8:40 CDT:
Price Change
Canola Nov 447.20 dn 1.10
Jan 454.50 dn 2.00
Mar 462.00 dn 1.80
May 467.30 dn 1.90

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