By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 9 (MarketsFarm) – ICE Futures canola contracts were weaker Thursday morning, taking some direction from the Chicago Board of Trade soy complex.
Wednesday’s late retreat from earlier gains was also bearish from a technical standpoint, with follow-through speculative selling weighing on values.
The ongoing trade dispute with China, large old crop supplies, and relatively favourable Western Canadian seeding weather added to the softer tone.
However, a lack of significant farmer selling as producers focus their attention on planting provided some support.
About 2,500 canola contracts had traded as of 8:51 CDT.
Prices in Canadian dollars per metric ton at 8:51 CDT:
Price Change
Canola Jul 435.50 dn 1.90
Nov 449.00 dn 2.40
Jan 455.30 dn 2.30
Mar 461.80 dn 1.60