By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 5 (MarketsFarm) – ICE Futures canola contracts were weaker Friday morning, seeing some follow-through selling after Thursday’s declines as the nearby technical bias has shifted to the downside.
Early losses in the Chicago Board of Trade soy complex, as activity resumes in the United States markets after the Independence Day holiday, contributed to the selling pressure in canola.
Improving moisture conditions in parts of Western Canada also weighed on values. However, there are also still plenty of areas of concern across the Prairies to keep some weather premiums in the market.
The Canadian dollar was slightly weaker Friday morning, providing some underlying support.
About 2,400 canola contracts had traded as of 8:55 CDT.
Prices in Canadian dollars per metric ton at 8:55 CDT:
Price Change
Canola Nov 446.80 dn 1.90
Jan 453.60 dn 2.00
Mar 460.20 dn 1.80
May 467.00 dn 0.70
