By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 10 (MarketsFarm) – The ICE Futures canola market was weaker Thursday morning, as improving moisture conditions across Western Canada weighed on values.
Much needed rain in dry areas of Manitoba and Saskatchewan on Wednesday helped alleviate some of the dryness concerns that had supported the futures recently. However, subsoil moisture levels remain low and more precipitation will be needed through the growing season.
Chicago Board of Trade soybeans and soyoil were stronger in early activity, helping temper the declines in canola.
The United States Department of Agriculture releases its monthly supply/demand report later in the day, with any surprises in the data likely dictating where the markets end up by the close.
About 6,500 canola contracts had traded as of 8:44 CDT.
Prices in Canadian dollars per metric ton at 8:44 CDT:
Canola Jul 856.00 dn 8.00
Nov 757.20 dn 6.00
Jan 757.60 dn 4.90
Mar 754.50 dn 4.40