By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 9 (MarketsFarm) – The ICE Futures canola market was posting small losses Tuesday morning, retreating from overnight gains.
Losses in Chicago Board of Trade soybeans put some spillover pressure on canola, with relatively favourable Prairie weather conditions also weighing on values.
However, excessive moisture remains a concern in parts of Western Canada, keeping some weather premiums in the market. Early weakness in the Canadian dollar was also supportive.
Intermonth spreading was a feature of the activity, as investors continued to roll out of the nearby July contract ahead of its expiry.
About 5,500 canola contracts had traded as of 9:00 CDT.
Prices in Canadian dollars per metric ton at 9:00 CDT:
Price Change
Canola Jul 464.50 dn 0.40
Nov 469.50 dn 0.80
Jan 475.80 dn 0.70
Mar 481.60 dn 0.60
