By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 19 (MarketsFarm) – ICE Futures canola contracts were weaker Wednesday morning, taking back some of their recent gains.
Forecasts calling for some much needed rain in some dry areas of Western Canada pressured values. Losses in Chicago Board of Trade soybeans, a firmer tone in the Canadian dollar and ongoing concerns over Chinese demand also weighed on prices.
However, more moisture will be needed in Western Canada, which helped keep a weather premium in the market.
Concerns over too much rain in the United States Midwest were also supportive, as soybean seeding continues to run well behind normal.
Soyoil futures were up in early activity.
About 6,300 canola contracts had traded as of 8:54 CDT.
Prices in Canadian dollars per metric ton at 8:54 CDT:
Canola Jul 460.00 dn 0.50
Nov 473.70 dn 2.30
Jan 480.80 dn 2.10
Mar 486.70 dn 2.10