By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market was posting small losses Thursday morning as contracts continued to consolidate just above nearby lows.
Weakness in Chicago soybeans accounted for some spillover selling pressure, although soyoil was higher as activity resumed in the United States after Wednesday’s Juneteenth holiday. European rapeseed was narrowly mixed, while Malaysian palm oil moved up in overnight trade.
Relatively favourable Prairie crop weather and large old crop supplies overhanging the market weighed on values.
Updated acreage data for Canada and the United States will be released next week, with positioning ahead of the data likely behind some of the activity.
About 9,400 canola contracts had traded as of 8:52 CDT.
Prices in Canadian dollars per metric ton at 8:52 CDT:
Canola Jul 609.70 dn 0.20
Nov 627.90 dn 0.50
Jan 634.30 dn 0.30
Mar 636.50 dn 1.00
