By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, June 6 (CNS Canada) – ICE Futures Canada canola contracts were weaker Wednesday morning, as strength in the Canadian dollar weighed on values.
The currency was up by roughly half a cent relative to its counterpart in the United States, following some better-than-expected trade data.
Improving crop conditions across much of the Prairies were also bearish for values, although there are also still enough areas of concern.
Chart support was holding to the downside, amid ideas that recent losses were starting to look overdone.
About 2,700 canola contracts had traded as of 8:48 CDT.
