ICE Midday : Canola Weakens With Soy Complex

WINNIPEG, Manitoba-- The ICE Futures canola market was weaker at midday on Tuesday, taking some direction from the Chicago soy complex.

Soybean and soyoil futures were down sharply on Monday when Canadian markets were closed for civic holidays, and remained pointed lower on Tuesday. Improving moisture conditions across much of the Midwest was behind the weakness in the soy complex.

Canadian weather conditions also look relatively favorable for crop development, with timely rains and moderate temperatures. However, any moisture may soon start to cause harvest delays for early maturing fields.

The Canadian dollar was weaker at midday, losing half a cent relative to its U.S. counterpart, which provided some underlying support.

About 19,600 canola contracts traded as of 11:34 EDT.

Prices in Canadian dollars per metric ton at 11:34 EDT:

 
   Canola     Price      Change 
   Nov        786.30     dn 11.20 
   Jan        789.70     dn 10.20 
   Mar        789.60     dn 10.00 
   May        789.90     dn 6.70 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

08-08-23 1207ET