By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 3 (MarketsFarm) – ICE Futures canola contracts were weaker at midday Wednesday, taking back some of their recent gains.
Losses in Chicago Board of Trade soyoil and a firmer tone in the Canadian dollar accounted for some of the weakness in canola.
Large old crop supplies and the ongoing uncertainty over Chinese demand also weighed on values, with expectations for a burdensome carryout for 2018/19.
However, CBOT soybeans were posting small gains at midday, which provided some spillover support.
A lack of significant farmer selling and expectations for a decline in seeded acres this spring also helped temper the declines.
About 11,800 canola contracts traded as of 10:56 CDT.
Prices in Canadian dollars per metric tonne at 10:56 CDT:
Price Change
Canola May 455.70 dn 3.00
Jul 463.60 dn 3.10
Nov 475.50 dn 2.20
Jan 482.40 dn 1.90
