By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, July 23 (CNS Canada) – ICE Futures canola contracts were weaker at midday Monday, retreating from earlier gains in thin and choppy activity.
Losses in Chicago Board of Trade soyoil put some spillover pressure on canola. Relatively favourable North American crop conditions, expectations for large canola ending stocks, and Friday’s strength in the Canadian dollar also weighed on values, according to traders.
However, enough areas of concern persist across the Prairies to keep some weather premiums in the market. The Canadian dollar was also holding steady on Monday, seeing some consolidation after Friday’s rally.
About 4,800 canola contracts had traded as of 10:52 CDT.
