By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, June 11 (CNS Canada) – ICE Futures Canada canola contracts were steady to lower at midday Monday, as losses in Chicago Board of Trade soybeans spilled over to weigh on values.
Sporadic rainfall across much of Western Canada was also bearish, as crops are generally thought to be in good shape.
However, there are still enough areas of concern across the Prairies to provide some underlying support.
Recent price activity has shifted the technical bias to the downside. A broker noted that large fund traders had mostly exited from their net long positions and could be set to move to the short side.
The Canadian dollar was weaker at midday, which provided some underlying support for canola.
About 11,000 canola contracts had traded as of 10:46 CDT.
