By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 3 (MarketsFarm) – The ICE Futures canola market was weaker at midday Monday, retreating from overnight gains after running into resistance at new contract highs.
Chicago Board of Trade soybeans also backed away from overnight gains to post losses at midsession, while soyoil was mixed.
Tight old crop supplies and uncertainty over new crop production remained supportive for canola.
However, those concerns have been priced into the market for some time and overbought price sentiment put some pressure on values.
Recent strength in the Canadian dollar, which remained near three-year highs relative to its United States counterpart, also weighed on canola prices.
About 17,300 canola contracts traded as of 10:41 CDT.
Prices in Canadian dollars per metric tonne at 10:41 CDT:
Canola Jul 852.70 dn 16.00
Nov 700.50 dn 9.70
Jan 696.50 dn 10.20
Mar 692.60 dn 10.90