By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, June 13 (CNS Canada) – ICE Futures Canada canola contracts were weaker at midday Wednesday, as losses in Chicago Board of Trade soybeans spilled over to weigh on values.
Bearish technical signals contributed to the declines, as the November contract touched its weakest levels in three months.
Relatively favourable North American crop conditions also weighed on values, with recent rainfall helping improve the yield potential greatly in many areas, according to a broker.
However, some regions may be starting to get too wet, while others missed out on the moisture.
World trade uncertainty kept some caution in the background, with the ongoing dispute between China and the United States threatening to cause disruptions to typical export movement.
About 20,000 canola contracts had traded as of 10:40 CDT.
