By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Sept. 10 (MarketsFarm) – The ICE Futures canola market was weaker Thursday morning, seeing some follow-through selling after Wednesday’s retreat off of the two-year highs hit earlier in the week.
A firmer tone in the Canadian dollar, which was trading back above 76 U.S. cents, contributed to the early weakness in canola.
Seasonal harvest pressure, improving Prairie weather conditions, and losses in Chicago Board of Trade soybeans all weighed on canola as well.
The United States Department of Agriculture releases updated supply/demand estimates on Friday, and pre-report positioning may account for some activity. Statistics Canada is also set to release updated production estimates on Monday, Sept. 14.
About 8,200 canola contracts had traded as of 8:40 CDT.
Prices in Canadian dollars per metric ton at 8:40 CDT:
Price Change
Canola Nov 502.90 dn 2.50
Jan 510.30 dn 1.90
Mar 516.20 dn 1.30
May 520.80 dn 0.50
