By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 25 (MarketsFarm) – The ICE Futures canola market was mixed Thursday morning, with gains in the nearby July contract and losses in the new crop months.
Traders bailing out of the front month ahead of its expiry accounted for the strength in July canola. Meanwhile, the more active new crop months were all lower in sympathy with Chicago Board of Trade soyoil and other outside markets.
Crude oil and global equity markets have all weakened in recent days amid renewed concerns over the COVID-19 pandemic.
Bearish chart signals and relatively favourable Prairie weather conditions also weighed on canola values.
However, excessive moisture in some areas and dryness in others helped keep some weather-related premiums in the market.
About 5,400 canola contracts had traded as of 8:50 CDT.
Prices in Canadian dollars per metric ton at 8:50 CDT:
Price Change
Canola Jul 477.50 up 2.70
Nov 469.30 dn 2.20
Jan 475.50 dn 2.00
Mar 481.10 dn 1.20
