By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, July 10 (CNS Canada) – ICE Futures canola contracts were weaker at midday Tuesday, amid ideas that prices were looking expensive compared to other oilseeds.
Bearish chart signals contributed to the declines, as the November contract tested last week’s low of C$504 per tonne.
While weather concerns in some areas of the Prairies remained somewhat supportive, a broker said crops were generally in good shape overall.
The United States Department of Agriculture releases its latest supply/demand estimates on Thursday, and positioning ahead of the report was a feature in the grains and oilseeds. The Bank of Canada is set to make its latest interest rate announcement on Wednesday, which should provide some direction for the Canadian currency.
About 8,900 canola contracts had traded as of 10:53 CDT.
