By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 12 (MarketsFarm) – The ICE Futures canola market was weaker Thursday morning, posting sharp losses as declines in Chicago Board of Trade soyoil spilled over to weigh on values.
European rapeseed futures were also down in overnight activity, although palm oil was showing some stability and crude oil recovered from its own declines.
The United States Department of Agriculture releases its monthly supply/demand report later in the day, including the first projections for 2022/23 production. Any surprises in the data will likely sway the grains and oilseeds by the close.
Persistent rains in the eastern Canadian Prairies continue to cause seeding delays in the region, while the western Prairies remain on the dry side.
About 3,000 canola contracts had traded as of 8:57 CDT.
Prices in Canadian dollars per metric ton at 8:57 CDT:
Price Change
Canola Jul 1,136.00 dn 16.30
Nov 1,071.50 dn 18.00
Jan 1,074.10 dn 17.80
Mar 1,071.30 dn 18.10
