By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market was weaker at midday Thursday, backing away from overnight gains as losses in the Chicago soy complex spilled over to weigh on values.
European rapeseed and Malaysian palm oil futures were also weaker on the day, adding to the softer tone in canola.
Chart-based positioning was a feature amid ideas the rally earlier in May was starting to look overdone. Recent rains across much of Western Canada were another bearish influence, as dryness concerns have subsided for the time being.
The Canadian dollar was firmer at midsession, moving back above 73 U.S. cents.
An estimated 41,200 canola contracts traded as of 10:47 CDT.
Prices in Canadian dollars per metric tonne at 10:47 CDT:
Canola Jul 651.00 dn 5.70
Nov 670.70 dn 2.70
Jan 676.80 dn 2.10
Mar 681.00 dn 0.90
