By Phil Franz-Warkentin, MarketsFarm
WINNIPEG – The ICE Futures canola market was weaker at midday Monday, although activity was thin and choppy as participants wait to get a better handle on the size of this year’s crop.
While hot and dry drought conditions have cut into yields, actual production remains to be seen with anecdotal reports highly varied depending on whether or not fields lucked out on any shower activity.
Early losses in Chicago Board of Trade soybeans put some spillover pressure on canola, but soybeans were well off their lows by midday while soyoil was higher. A move to fresh highs in Malaysian palm oil in overnight activity was also supportive for canola, according to a trader.
About 8,500 canola contracts traded as of 10:59 CDT.
Prices in Canadian dollars per metric tonne at 10:59 CDT:
Price Change
Canola Nov 881.40 dn 2.00
Jan 866.70 dn 0.70
Mar 850.00 dn 0.10
May 830.50 dn 0.30
