By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 12 (MarketsFarm) – The ICE Futures canola market was weaker Tuesday morning, taking back much of its recent gains.
Losses in Chicago soyoil, European rapeseed and Malaysian palm oil all accounted for some spillover selling pressure in the Canadian oilseed, with crude oil also down on the day.
The United States Department of Agriculture is set to release its monthly supply/demand report at 11:00 a.m. CDT, with any surprises in the data likely to dictate the direction the grains and oilseeds take by the close.
Forecasts calling for warmer and drier Prairie weather over the next few weeks were supportive, although moisture levels are thought to be reasonably good in most areas for the time being.
About 4,800 canola contracts had traded as of 8:37 CDT.
Prices in Canadian dollars per metric ton at 8:37 CDT:
Canola Nov 840.40 dn 26.30
Jan 846.80 dn 26.50
Mar 853.50 dn 26.40
May 857.60 dn 26.50
