By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 12 (MarketsFarm) – The ICE Futures canola market was mostly weaker Thursday morning, with near-limit-down losses in the nearby July contract as the old/new crop spread saw some adjustment.
Commercial buying interest has largely moved over to the new crop months, leaving the July contract open to speculative profit-taking.
Losses in Chicago Board of Trade soybeans and soyoil also weighed on canola.
However, ongoing concerns over tight supplies and dryness across the Prairies remained supportive.
About 4,800 canola contracts had traded as of 8:40 CDT.
Prices in Canadian dollars per metric ton at 8:40 CDT:
Price Change
Canola Jul 860.00 dn 42.30
Nov 735.00 dn 19.70
Jan 728.50 dn 17.60
Mar 731.70 up 15.50
