By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 20 (MarketsFarm) – The ICE Futures canola market was sharply lower at midday Thursday, taking some direction from outside markets.
Chicago soyoil and European rapeseed futures were both softer on the day, with declines in crude oil contributing to the bearish sentiment in world vegetable oils.
Speculative positioning contributed to the declines in canola, although the market was choppy and hard to get a read on, according to a trader.
A storm bringing snow to much of southern Saskatchewan and Manitoba will likely cause seeding delays in the region, especially if fields are slow to dry out due to cool temperatures in the forecasts.
About 22,000 canola contracts traded as of 10:48 CDT.
Prices in Canadian dollars per metric tonne at 10:48 CDT:
Canola May 760.70 dn 11.80
Jul 732.10 dn 11.80
Nov 704.10 dn 10.20
Jan 709.10 dn 10.20
