By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 26 (MarketsFarm) – The ICE Futures canola market was weaker Wednesday morning, seeing some follow-through selling pressure after Tuesday’s declines.
Early losses in Chicago Board of Trade soybeans and soyoil contributed to the softer tone in canola.
Recent rains easing dryness concerns across Western Canada were also bearish, although the forecasts are turning drier and more moisture will be needed through the growing season. Cold overnight temperatures could also raise some frost concerns over the next few days in some areas.
The Canadian dollar was weaker in early activity, which provided some underlying support for canola.
Tight old crop supplies and solid end user demand also remained supportive.
About 4,400 canola contracts had traded as of 8:36 CDT.
Prices in Canadian dollars per metric ton at 8:36 CDT:
Price Change
Canola Jul 867.50 dn 10.50
Nov 687.70 dn 9.60
Jan 684.30 dn 9.20
Mar 677.90 dn 5.30
