ICE canola weaker at midday
By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, July 9 (CNS Canada) – ICE Futures canola contracts were weaker Monday morning, taking some direction from a downturn in Chicago Board of Trade soybeans.
After posting solid gains on Friday, the fund buying that supported both soybeans and canola last week was non-existent on Monday, according to a broker linking the day’s trade to “buy the rumour, sell the fact” activity.
A lack of any fresh weather concerns across North America also weighed on values.
However, persistent heat across the Prairies was being followed closely, with dryness concerns providing underlying support.
Weakness in the Canadian dollar, as it retreated from early gains, also provided some underlying support for canola.
About 3,300 canola contracts had traded as of 10:51 CDT.
