By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 21 (MarketsFarm) – The ICE Futures canola market was weaker at midday Friday, seeing some follow-through selling after Thursday’s declines as investors adjust positions ahead of the long weekend.
Canadian markets will be closed Monday for Victoria Day while the U.S. futures will trade their normal hours.
Much needed rain across the Prairies was helping ease dryness concerns that had propped the futures up recently. However, the moisture failed to live up to expectations in many areas and more moisture will be needed going forward.
Gains in Chicago Board of Trade soybeans and soyoil provided some underlying support for canola, helping temper the declines.
About 13,900 canola contracts traded as of 10:48 CDT.
Prices in Canadian dollars per metric tonne at 10:48 CDT:
Price Change
Canola Jul 881.20 dn 22.00
Nov 710.90 dn 6.80
Jan 708.90 dn 3.40
Mar 689.60 dn 11.60
