By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 12 (MarketsFarm) – The ICE Futures canola market was weaker at midday Friday, as chart-based speculative selling weighed on values for the third session in a row.
Losses in most outside markets, including Chicago soyoil and European rapeseed, contributed to the selling pressure in canola. However, Malaysian palm oil held onto small gains in overnight trade.
The United States Department of Agriculture releases its monthly supply/demand report at 11:00 CDT, including the first new crop estimates of the year. Any surprises in the data will likely set the tone for the grains and oilseeds for the remainder of the session.
Seeding progress is varied across Western Canada, with forecasts looking conducive to planting in most areas over the next week.
About 13,200 canola contracts traded as of 10:21 CDT.
Prices in Canadian dollars per metric tonne at 10:21 CDT:
Canola Jul 713.90 dn 10.20
Nov 691.30 dn 10.80
Jan 695.30 dn 11.70
Mar 703.40 dn 7.50
