By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, May 30 (CNS Canada) – ICE Futures Canada canola contracts were weaker at midday Wednesday, as improving moisture conditions across much of Western Canada weighed on values.
Losses in Chicago Board of Trade soybeans and strength in the Canadian dollar added to the weaker tone in canola, according to participants.
A strike by Canadian Pacific Railway conductors was also overhanging the market, as Prairie grain movement will be disrupted along the CP line.
On the other side, gains in CBOT soyoil provided some underlying support.
About 13,000 canola contracts had traded as of 10:41 CDT. Intermonth spreading was a feature, as participants roll their positions out of the nearby July contract.
