By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 10 – (MarketsFarm) – ICE Futures canola contracts were weaker at midday Friday, seeing a continuation of Thursday’s selloff as investors bailed out of long positions.
Losses in Chicago soyoil and Malaysian palm oil futures added to the softer tone in canola, although European rapeseed futures were narrowly mixed.
Dry areas of southern Alberta and western Saskatchewan are forecast to see some much-needed rain over the next few days. Manitoba could also see some showers, which would cause further seeding delays to the already late crop in the province.
The Canadian dollar was weaker at midday, providing some underlying support.
The United States Department of Agriculture releases its monthly supply/demand report at 11:00 a.m. CDT. Any surprises in the data will likely dictate where the futures move in the final hours of trade.
About 10,400 canola contracts traded as of 10:32 CDT.
Prices in Canadian dollars per metric tonne at 10:32 CDT:
Canola Jul 1,104.70 dn 14.30
Nov 1,039.10 dn 22.00
Jan 1,045.70 dn 20.00
Mar 1,048.90 dn 19.50
