By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 29 – (MarketsFarm) – ICE Futures canola contracts were weaker at midday Friday, seeing a profit-taking correction ahead of the weekend after climbing to contract highs in recent sessions.
Losses in Chicago soyoil and a firmer tone in the Canadian dollar contributed to the weakness in canola, as that combination cuts into crush margins.
However, an analyst noted that both the fundamental and technical signals for canola remain bullish, with any losses likely presenting a good buying opportunity.
Wet conditions in the eastern Prairies with forecasts calling for more moisture over the weekend were also somewhat supportive, as seeding will likely be delayed in Manitoba and parts of Saskatchewan.
About 8,000 canola contracts traded as of 10:44 CDT.
Prices in Canadian dollars per metric tonne at 10:44 CDT:
Price Change
Canola Jul 1,203.60 dn 3.40
Nov 1,114.70 dn 9.40
Jan 1,115.10 dn 12.50
Mar 1,116.60 dn 9.00
