By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Aug. 3 – (MarketsFarm) – ICE Futures canola contracts remained pointed lower at midday Wednesday, seeing a continuation of Tuesday’s selloff.
Losses in Chicago Board of Trade soybeans and soyoil accounted for some spillover selling pressure in the Canadian oilseed, although a broker pointed out that canola was outpacing the soy market to the downside.
Relatively favourable crop weather in both the United States and Canada contributed to the declines.
The weakness in canola was helping crush margins show some improvement, which should be bringing in some commercial demand underneath the market, according to the broker.
About 16,100 canola contracts traded as of 10:40 CDT.
Prices in Canadian dollars per metric tonne at 10:40 CDT:
Canola Nov 820.50 dn 27.90
Jan 830.30 dn 28.00
Mar 838.40 dn 28.20
May 842.40 dn 29.60
