By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 15 (MarketsFarm) – The ICE Futures canola market was weaker Wednesday morning, taking back some of Tuesday’s gains.
Overnight losses in European rapeseed and Malaysian palm oil contributed to the softer tone in canola, although Chicago soyoil was narrowly mixed.
Heavy rains in Alberta and western Saskatchewan have improved moisture conditions in the region, putting some pressure on the market.
However, precipitation in Manitoba has likely put a stop to seeding operations in the province, with planting pegged at 87 per cent complete in the latest provincial crop report.
About 5,300 canola contracts had traded as of 8:47 CDT.
Prices in Canadian dollars per metric ton at 8:47 CDT:
Canola Jul 1,088.80 dn 7.50
Nov 1,038.30 dn 6.10
Jan 1,043.90 dn 5.70
Mar 1,041.90 dn 9.20
