By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 5 (MarketsFarm) – The ICE Futures canola market was sharply lower Monday morning, seeing a profit-taking correction to start the week after hitting fresh highs on Friday.
Forecasts calling for moderate temperatures across most of the Prairies after the recent heat wave contributed to the selling pressure. Expectations for rain in southern parts of Alberta and Saskatchewan over the next few days were also bearish, although much of Manitoba remains on the dry side and in need of precipitation.
Markets in the United States are closed Monday for Independence Day, likely limiting activity in the Canadian oilseed as well.
About 4,700 canola contracts had traded as of 8:47 CDT.
Prices in Canadian dollars per metric ton at 8:47 CDT:
Price Change
Canola Nov 806.50 dn 24.40
Jan 799.70 dn 25.50
Mar 792.30 dn 23.00
May 777.60 dn 25.70
