By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 28 (MarketsFarm) – The ICE Futures canola market was mostly weaker Friday morning, taking some direction from the Chicago Board of Trade soy complex.
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. Recent overnight temperatures that dipped below freezing may also have caused some damage.
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.
Markets in the United States will be closed Monday for Memorial Day while canola will trade its usual hours. Positioning ahead of the weekend could lead to some choppy activity during Friday’s session.
About 3,000 canola contracts had traded as of 8:44 CDT.
Prices in Canadian dollars per metric ton at 8:44 CDT:
Price Change
Canola Jul 879.30 dn 7.40
Nov 712.30 dn 4.30
Jan 711.60 dn 3.80
Mar 706.50 up 0.20
