By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, July 16 (CNS Canada) – ICE Futures canola contracts traded to both sides of unchanged overnight, although the bias was turning higher Monday morning as the oversold market recovered off of the 10-month lows hit last week.
Early gains in Chicago Board of Trade soybeans provided additional spillover support for canola, according to participants.
Persistent weather concerns in parts of the Prairies were also supportive, although conditions remain relatively favourable for crop development overall.
A firmer tone in the Canadian dollar and early losses in CBOT soyoil also put some pressure on values.
About 3,900 canola contracts had traded as of 8:54 CDT.
