By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, June 26 – Canola contracts on the ICE Futures Canada platform were weaker at midday Friday, seeing some modest profit-taking after rallying sharply higher for most of the past week.
While the underlying fundamentals remain bullish, traders said canola was due for a bit of a correction as speculators squared positions and booked profits.
The latest rally also encouraged some farmer selling, although most producers remain on the sidelines for the time being given the uncertainties over new crop production.
However, those uncertainties do remain a major supportive factor, with forecasts continuing to call for hot and dry weather across the Prairies.
Gains in CBOT soybeans, a weaker Canadian dollar, and generally bullish technicals also helped underpin the futures.
About 17,000 canola contracts had traded as of 11:03 CDT.
Milling wheat, durum, and barley were all untraded.
Prices in Canadian dollars per metric ton at 11:03 CDT:
