By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Aug. 3 (MarketsFarm) – The ICE Futures canola market was weaker Tuesday morning seeing a continuation of last week’s selloff.
While hot and dry Prairie weather conditions remained supportive, bearish technical signals kept speculators on the sell side in canola.
Losses in the Chicago Board of Trade soy complex contributed to the declines in canola, with better-than-expected Midwestern crop conditions behind some of the weakness in the United States futures.
In addition to the ongoing drought worries, canola also found some support from early weakness in the Canadian dollar.
About 5,700 canola contracts had traded as of 8:56 CDT.
Prices in Canadian dollars per metric ton at 8:56 CDT:
Canola Nov 832.10 dn 9.00
Jan 824.50 dn 11.40
Mar 816.30 dn 11.80
May 801.00 dn 11.50
Futures Prices as of August 3, 2021
Prices are in Canadian dollars per metric ton