By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 16 (MarketsFarm) – The ICE Futures canola market was weaker Thursday morning, as bearish chart signals and losses in outside markets weighed on values.
Chicago soyoil and Malaysian palm oil futures were both lower on the day, with weakness in crude oil behind some of the selling pressure in the vegetable oil markets. European rapeseed was narrowly mixed, trading around its softest levels in two months.
Recent rains in the western Canadian Prairies helped ease dryness concerns in the region. However, there is still enough uncertainty over new crop production to keep the market well supported, especially given the tight old crop situation.
About 4,400 canola contracts had traded as of 8:45 CDT.
Prices in Canadian dollars per metric ton at 8:45 CDT:
Canola Jul 1,079.50 dn 4.10
Nov 1,026.90 dn 10.10
Jan 1,033.60 dn 8.90
Mar 1,035.70 dn 9.10
