WINNIPEG, Manitoba--The ICE Futures canola market was sharply weaker in both old and new crop contracts at midday Monday in support of losses in the Chicago Board of Trade soy complex.
Soybean contracts were losing at least 33 cents per bushel as forecast rains in soybean-growing regions of the United States and recent rains in wheat and canola-growing areas in the Prairies have brought pressure onto the markets, according to a Winnipeg-based trader.
However, heat warnings are in effect in Alberta and Saskatchewan but will soon make way for milder temperatures as warmer weather shifts east to Manitoba.
The Canadian dollar was slightly firmer at midday.
Nearly 9,000 contracts were traded as of 9:38 a.m. EDT.
Canola Jul 853.00 dn 18.00
Nov 721.50 dn 22.80
Jan 721.80 dn 23.00
Mar 721.50 dn 19.90
Source: Commodity News Service Canada, firstname.lastname@example.org
(END) Dow Jones Newswires