By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 23 (MarketsFarm) – The ICE Futures canola market was weaker at midday Friday, finding itself caught up in a broad speculative selloff.
Fund traders concerned over a global economic recession were selling off their positions in many markets, including canola, according to an analyst.
Chicago soybeans and European rapeseed futures were also weaker on the day, contributing to the declines in canola.
However, soyoil and Malaysian palm oil moved higher, providing some underlying support.
The Canadian dollar was also backing away from its nearby highs, helping crush margins show some improvement.
Statistics Canada releases updated acreage estimates next week Wednesday, while the United States Department of Agriculture follows with its area numbers on June 30.
About 24,000 canola contracts traded as of 11:06 CDT.
Prices in Canadian dollars per metric tonne at 11:06 CDT:
Canola Jul 736.40 dn 3.40
Nov 710.40 dn 4.70
Jan 716.20 dn 4.10
Mar 719.50 dn 2.60
