By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 7 (MarketsFarm) – ICE Futures canola contracts were weaker Friday morning, taking back some of Thursday’s gains as traders adjust positions ahead of the weekend.
Losses in the Chicago Board of Trade soy complex and forecasts calling for much needed rainfall in parts of Western Canada contributed to the early selling pressure in canola, according to participants.
However, the latest weather models are showing the most precipitation hitting the northern and eastern parts of the Prairies, with the driest areas of southern Saskatchewan and Alberta only expected to see spotty showers.
Large old crop supplies and heavy farmer deliveries into the commercial pipeline over the past week also weighed on values. The Canadian dollar was firmer in early activity.
About 2,000 canola contracts had traded as of 8:49 CDT.
Prices in Canadian dollars per metric ton at 8:49 CDT:
Price Change
Canola Jul 453.10 dn 1.60
Nov 465.00 dn 2.10
Jan 472.90 dn 0.30
Mar 477.30 dn 1.50
