By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 5 (MarketsFarm) – ICE Futures canola contracts were weaker Wednesday morning, seeing some follow-through selling after Tuesday’s lower close.
Losses in Chicago Board of Trade soybeans and forecasts calling for some much needed moisture in some dry areas of Western Canada accounted for some of the selling pressure, according to participants.
Large old crop supplies and the ongoing diplomatic dispute with China also weighed on values.
The Canadian dollar was slightly firmer in early trade.
About 4,200 canola contracts had traded as of 8:42 CDT.
Prices in Canadian dollars per metric ton at 8:42 CDT:
Price Change
Canola Jul 452.00 dn 1.10
Nov 464.60 dn 1.70
Jan 470.90 dn 1.50
Mar 476.30 dn 1.30
