By Dave Sims, Commodity News Service Canada
WINNIPEG, Aug. 9 (CNS) – Canola contracts on the ICE Futures platform were slightly lower at midday Thursday, following losses in Chicago Board of Trade soybeans.
Ideas the market was technically overbought weighed on values.
Losses in European rapeseed futures and Malaysian palm oil also dragged on prices.
Canola is looking rather pricey relative to other oilseeds.
However, hot weather across the Prairies limited the losses.
Tomorrow the Unites States Department of Agriculture will release its supply and demand estimates for the month, which kept some traders on the sidelines.
About 5,000 canola contracts had traded as of 10:35 CDT.
Prices in Canadian dollars per metric ton at 10:35 CDT:
