By Glen Hallick, MarketsFarm
WINNIPEG, July 21 (MarketsFarm) – After nine consecutive days of gains, Intercontinental Exchange (ICE) canola futures started Friday with double-digit losses in the most heavily traded contracts, in what could be a round of profit-taking.
Pressure on the Canadian oilseed was coming from sharp declines in European rapeseed, along with more modest decreases in the Chicago soy complex and Malaysian palm oil. Gains in global crude oil helped to temper further losses in vegetable oils.
While the Prairies were forecast to see temperatures rise come next week, there’s to be variable amounts of rain across the region. However, the drier areas now are those expected to see less precipitation.
The Canadian dollar eased back on Friday morning, with the loonie at 75.76 U.S. cents compared to Thursday’s close of 75.92.
About 13,950 contracts had traded as of 8:37 CDT.
Prices in Canadian dollars per metric tonne at 8:37 CDT:
Price Change Canola Nov 826.20 dn 16.80 Jan 825.60 dn 14.20 Mar 822.50 dn 9.60 May 817.70 dn 3.10
