By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Sept. 28 (MarketsFarm) – The ICE Futures canola market was mostly weaker Monday morning, retreating from overnight gains as a downturn in the Chicago Board of Trade soy complex spilled over to weigh on values.
Seasonal harvest pressure added to the softer tone in canola, as speculators continued to take profits on their recently placed long positions.
Forecasts are calling for dry conditions across most of the western Prairies over the next week, which should allow for good harvest progress there. Light rains are forecast in the east, but harvest operations are already more advanced there.
Solid end user demand provided some underlying support.
About 5,500 canola contracts had traded as of 8:50 CDT.
Prices in Canadian dollars per metric ton at 8:50 CDT:
Canola Nov 515.70 dn 2.60
Jan 523.00 dn 2.80
Mar 529.30 dn 3.00
May 535.80 unchanged