By Terryn Shiells, Commodity News Service Canada
Winnipeg, August 1 – Canola contracts on the ICE Futures Canada platform were weaker at 8:46 CDT Friday, following the losses seen in outside oilseed markets, analysts said.
European rapeseed, Chicago soybean and soyoil futures were all softer in early and overnight activity.
Improving weather in Western Canada this week, paired with forecasts calling for more beneficial weather in key US soybean growing regions, was also bearish.
The technical bias in the market is pointed lower, which also accounted for some of the price softness.
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However, ongoing worries about production loss in Western Canada, as yields are expected to be average with reduced acreage, limited the losses.
Recent weakness in the value of the Canadian dollar and slow farmer selling also underpinned prices.
The evening of positions ahead of the long weekend, as Canadian markets will be closed Monday, was a feature of the activity.
As of 8:46 CDT Friday, about 2,300 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions after Thursday’s close.
Prices in Canadian dollars per metric ton at 8:46 CDT:
