By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 9 (MarketsFarm) – The ICE Futures canola market was weaker Wednesday morning, seeing some profit-taking after recent highs as parts of the Prairies saw some much needed rain.
Losses in Chicago Board of Trade soybeans and soyoil added to the softer tone in canola, with Malaysian palm oil and European rapeseed futures also down overnight.
The Canadian dollar was stronger in early activity, putting additional pressure on canola.
Tight old crop supplies and solid demand remained supportive on the other side, helping temper the declines.
About 5,200 canola contracts had traded as of 8:49 CDT.
Prices in Canadian dollars per metric ton at 8:49 CDT:
Price Change
Canola Jul 844.30 dn 21.50
Nov 750.50 dn 23.70
Jan 749.20 dn 23.40
Mar 747.60 dn 17.30
