Source: Phil Franz-Warkentin, Producer.com, June 25, 2019
Winnipeg (MarketsFarm) – The ICE Futures canola market was down sharply on Tuesday, breaking below nearby chart support as speculators turned to the sell side.
Recent rainfall across Western Canada accounted for some of the selling pressure, as dryness concerns have alleviated somewhat. Losses in Chicago Board of Trade soybeans and soyoil also weighed on values.
However, many of the driest canola growing areas of Saskatchewan only received minimal precipitation, and total canola production is expected to be down on the year.
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