By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Sep. 11 (CNS Canada) – ICE Futures canola contracts were weaker at midday Tuesday, taking some direction from the Chicago Board of Trade soy complex.
The ongoing trade dispute between China and the United States accounted for some of the weakness in soybeans. The U.S. Department of Agriculture releases updated production estimates on Wednesday. Expectations for an upward revision to average U.S. soybean yields also weighed on prices, which spilled into the Canadian canola market.
Seasonal harvest pressure added to the softer tone in canola. The Manitoba canola harvest was 80 per cent complete in the latest provincial report, although yields were wide-ranging across the province due to spotty rainfall during the growing season.
Canola was testing chart support, dipping below C$495 per tonne in the November contract.
About 3,500 canola contracts traded as of 10:48 CDT.
