By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 20 (MarketsFarm) – The ICE Futures canola market was mostly weaker at midday Thursday, with the largest losses in the nearby July contract as investors bail out of the front month and attention turns to the new crop futures.
Losses in Chicago Board of Trade soyoil accounted for some of the selling pressure in the more active November contract, with widespread rains across Western Canada also bearish for values.
However, a broker noted that more precipitation will be needed going forward, with canola still looking relatively cheap given the tight supplies and solid demand projections.
The Canadian dollar was stronger at midday, which put some pressure on values.
About 14,400 canola contracts traded as of 10:43 CDT.
Prices in Canadian dollars per metric tonne at 10:43 CDT:
Price Change
Canola Jul 903.20 dn 30.00
Nov 719.80 dn 1.90
Jan 716.40 up 1.00
Mar 700.80 dn 4.60
