By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Dec. 10 (MarketsFarm) – The ICE Futures canola market was weaker at midday Friday, as speculators continued to book profits on their large long positions.
Losses in Chicago Board of Trade soyoil contributed to the softer tone in canola, according to participants.
However, soybeans were higher and canola was well off its lows for the session.
Canada’s tight supply situation remained a supportive influence, as the market continues to work to ration demand. Weekly canola exports came in at only 64,000 tonnes in the latest Canadian Grain Commission report, with total exports during the crop-year-to-date of 2.4 million tonnes down by two million from the previous year.
About 8,400 canola contracts traded as of 10:50 CST.
Prices in Canadian dollars per metric tonne at 10:50 CST:
Price Change
Canola Jan 1,006.50 dn 1.50
Mar 980.70 dn 1.00
May 943.00 dn 3.60
Jul 893.70 dn 5.10
