By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 21 (MarketsFarm) – The ICE Futures canola market was weaker Monday morning, taking some direction from Chicago Board of Trade soybeans and soyoil to start the week.
Overnight losses in Malaysian palm oil and European rapeseed futures, along with a firmer tone in the Canadian dollar in early activity, contributed to the selling pressure in canola.
Relatively favourable crop conditions were another bearish influence, although peristent dryness concerns and a lack of significant precipitation in the forecasts provided some support.
Tight old crop supplies and solid end user demand also helped temper the declines.
About 4,200 canola contracts had traded as of 8:48 CDT.
Prices in Canadian dollars per metric ton at 8:48 CDT:
Canola Jul 744.30 dn 18.80
Nov 681.30 dn 12.50
Jan 684.60 dn 9.10
Mar 681.00 dn 9.90