By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 14 (MarketsFarm) – The ICE Futures canola market was slightly weaker Wednesday morning, seeing some consolidation after trending higher for the past two weeks.
Losses in the Chicago soy complex accounted for some spillover selling pressure in the Canadian oilseed, with sharp declines in European rapeseed also weighing on values.
The Canadian dollar was firmer in early activity, putting additional pressure on canola.
The United States Environmental Protection Agency had been set to release its final rule on biofuel blending requirements today but were reportedly granted a one-week extension to June 21.
About 9,000 canola contracts had traded as of 8:40 CDT.
Prices in Canadian dollars per metric ton at 8:40 CDT:
Canola Jul 698.10 dn 1.20
Nov 673.70 dn 2.80
Jan 679.20 dn 3.00
Mar 684.60 dn 3.40
