By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 4 (MarketsFarm) – The ICE Futures canola market was posting small losses Thursday morning, seeing some consolidation after Wednesday’s gains.
Losses in Chicago soybeans accounted for some spillover selling pressure in the Canadian oilseed, with recent weakness in crude oil also bearish for the agricultural markets in general. However, soyoil futures were holding above unchanged, providing some support.
Seeding operations are progressing in the southern Prairies, with weather conditions relatively favourable for planting in most areas.
About 5,800 canola contracts had traded as of 8:40 CDT.
Prices in Canadian dollars per metric ton at 8:40 CDT:
Canola Jul 713.40 dn 2.40
Nov 688.70 dn 1.20
Jan 693.40 dn 2.00
Mar 698.50 dn 1.40
