By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 3 (MarketsFarm) – The ICE Futures canola market was weaker Friday morning, as speculators continued to bail out of long positions ahead of the weekend.
Canola futures tested some key support points, with prices at their lowest levels in two months.
Losses in Chicago soyoil, European rapeseed and Malaysian palm oil futures all contributed to the softer tone in canola. A firm tone in the Canadian dollar was also bearish.
However, ongoing uncertainty over new crop production provided support, as spring seeding remains delayed across the eastern Prairies while the western Prairies need more moisture.
About 4,700 canola contracts had traded as of 8:40 CDT.
Prices in Canadian dollars per metric ton at 8:40 CDT:
Canola Jul 1,123.10 dn 18.80
Nov 1,022.10 dn 19.30
Jan 1,025.00 dn 20.80
Mar 1,025.70 dn 21.50
