By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 19 (MarketsFarm) – The ICE Futures canola market was weaker at midday Wednesday, as sharp losses in the Chicago Board of Trade soy complex encouraged some speculative selling.
Oversold price sentiment contributed to the decline, although the underlying fundamentals of tight supplies and solid demand remained supportive.
Forecasts calling for much needed rain across dry areas of Western Canada over the next few days were also bearish.
The Canadian dollar was weaker at midsession, providing some underlying support.
About 11,800 canola contracts traded as of 10:46 CDT.
Prices in Canadian dollars per metric tonne at 10:46 CDT:
Price Change
Canola Jul 921.70 dn 21.40
Nov 713.50 dn 20.40
Jan 708.60 dn 18.40
Mar 700.00 dn 16.70
