By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 7 (MarketsFarm) – The ICE Futures canola market was slightly weaker Friday morning, backing away from the four-month highs hit Thursday as traders squared positions ahead of the weekend.
Relatively milder temperatures and increased chances of precipitation in some dry areas of Western Canada contributed to the selling pressure, although many regions remain dry and in need of more moisture.
Chicago soybeans, Malaysian palm oil and European rapeseed futures were all lower, accounting for some spillover weakness in canola. However, soyoil moved higher in early trade.
Canada exported 141,400 tonnes of canola during the week ended July 2, which was roughly double what moved the previous week. Exports through the marketing year-to-date at 7.6 million tonnes continue to run well ahead of the 4.9 million tonnes exported the previous year with only one month to go in the crop year.
About 5,300 canola contracts had traded as of 8:44 CDT.
Prices in Canadian dollars per metric ton at 8:44 CDT:
Canola Nov 757.40 dn 4.70
Jan 761.70 dn 4.70
Mar 764.90 dn 5.10
May 766.60 dn 6.00
