By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 12 (MarketsFarm) – ICE Futures canola contracts were weaker Monday morning, seeing some follow-through selling after Friday’s retreat from nearby highs.
Early losses in Chicago Board of Trade soybeans and soyoil contributed to the weaker tone in canola. Malaysian palm oil was also down overnight, while European rapeseed futures were mixed.
A weather system bringing much needed moisture to the dry eastern Prairies was also bearish, with Manitoba and eastern Saskatchewan expected to see the bulk of the precipitation.
Ongoing concerns over tight old crop supplies remained supportive, helping temper the declines.
About 5,600 canola contracts had traded as of 8:49 CDT.
Prices in Canadian dollars per metric ton at 8:49 CDT:
Canola May 795.30 dn 15.70
Jul 726.60 dn 12.30
Nov 620.10 dn 9.10
Jan 621.50 dn 8.40