By Terryn Shiells, Commodity News Service Canada
Winnipeg, July 24 – The ICE Futures Canada canola market was weaker Friday morning, following the losses seen in the Chicago soy complex, analysts said.
Technical based selling, signs of easing demand from China and the large global oilseed supply situation added to the bearish tone.
Further downward pressure came from reports of improving weather for canola crops in Western Canada.
Though, Canadian canola production is still projected to fall significantly this year due to earlier drought conditions, which kept a firm floor under the market.
The downswing in the value of the Canadian dollar was also supportive, as it made canola more attractive to crushers and exporters.
As of 8:43 CDT Friday about 3,200 contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:43 CDT:
