By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Aug. 13 (MarketsFarm) – ICE Futures canola contracts were weaker at midday Tuesday, retreating from earlier gains.
While Chicago Board of Trade soybeans were firmer, losses in soyoil pressured the canola market, according to a Winnipeg-based trader.
News that the United States would delay imposing 10 per cent tariffs on some Chinese imports contributed to the weakness in canola and soyoil, as easing tensions between the two countries would likely see more U.S. soybean sales at the expense of vegetable oil business.
Relatively favourable weather across much of Western Canada, despite dryness in some areas and cooler temperatures, also weighed on values.
About 13,000 canola contracts traded as of 10:38 CDT.
Prices in Canadian dollars per metric tonne at 10:38 CDT:
Canola Nov 449.90 dn 2.50
Jan 458.10 dn 3.00
Mar 465.90 dn 2.60
May 472.30 dn 2.30