By Dave Sims, Commodity News Service Canada
WINNIPEG, July 11 (CNS) – Canola contracts on the ICE Futures Canada platform dropped Wednesday morning, crashing below the psychologically-important C$500 per tonne mark.
Speculators were adding to their net short position in the market, accounting for some of this morning’s bearishness, according to a report.
Traders were positioning themselves ahead of tomorrow’s USDA supply and demand report.
Losses in the U.S. soy complex weighed on the market.
However, concerns over dryness in parts of Saskatchewan and Alberta were supportive for the market.
Prices in Canadian dollars per metric ton at 9:05 CDT:
