By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 17 (MarketsFarm) – The ICE Futures canola market was weaker Friday morning, hitting fresh two-month lows as investors continued to bail out of long positions.
Losses in Chicago soyoil and Malaysian palm oil contributed to the declines in canola, although European rapeseed was stronger.
Recent rains in the western Canadian Prairies helped ease dryness concerns in the region. However, there is still enough uncertainty over new crop production to keep the market well supported, especially given the tight old crop situation.
The Canadian dollar was weaker in early trade, dipping below 77 U.S. cents.
Markets in the United States will be closed Monday in observance of Juneteenth, with positioning ahead of the weekend expected to be a feature on Friday.
About 5,200 canola contracts had traded as of 8:47 CDT.
Prices in Canadian dollars per metric ton at 8:47 CDT:
Canola Jul 1,067.60 dn 5.90
Nov 1,016.30 dn 6.80
Jan 1,021.40 dn 6.80
Mar 1,025.00 dn 6.30
