By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Aug. 15 (CNS Canada) – ICE Futures canola contracts were weaker at midday Wednesday, with losses in the Chicago Board of Trade soy complex behind some of the spillover selling pressure.
Improving Midwestern weather conditions and strength in the United States dollar index accounted for much of the selling pressure in soybeans and soyoil, according to participants.
A lack of fresh weather worries in Western Canada also weighed on canola values, although persistent concerns over heat and dryness in many areas tempered the declines.
Weakness in the Canadian dollar also provided some underlying support, as the currency fell by roughly half a cent relative to its United States counterpart.
Volumes were light, with about 3,000 canola contracts traded as of 10:42 CDT.
