By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 13 (MarketsFarm) – The ICE Futures canola market was weaker Wednesday morning, seeing a continuation of Tuesday’s downturn.
Chicago soyoil, European rapeseed and Malaysian palm oil futures were all lower on the day, accounting for some spillover selling pressure for the Canadian oilseed.
A lack of significant weather concerns for the time being also weighed on values.
The Canadian dollar was slightly softer in early activity, but expectations that the Bank of Canada will hike its key overnight interest rate could see the loonie strengthen.
About 6,700 canola contracts had traded as of 8:43 CDT.
Prices in Canadian dollars per metric ton at 8:43 CDT:
Canola Nov 825.10 dn 9.30
Jan 832.70 dn 8.60
Mar 839.40 dn 8.30
May 842.50 dn 9.70
