By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 31 (MarketsFarm) – The ICE Futures canola market was weaker at midday Monday in very quiet activity, with many participants keeping to the sidelines as markets in the United States were closed for Memorial Day.
Relatively favourable crop weather across the U.S. Midwest accounted for some of the selling pressure, as the conditions should be bearish for soybeans and corn when activity resumes at the Chicago Board of Trade.
Recent rains in Western Canada also eased dryness concerns somewhat, although hot and dry weather over the next week provided underlying support.
Tight supplies and solid demand also remained supportive.
About 1,100 canola contracts traded as of 10:37 CDT.
Prices in Canadian dollars per metric tonne at 10:37 CDT:
Price Change
Canola Jul 873.90 dn 16.10
Nov 707.60 dn 6.60
Jan 705.90 dn 6.70
Mar 700.00 dn 3.60
