By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 24 (MarketsFarm) – The ICE Futures canola market was mostly weaker Thursday morning, taking back some of Wednesday’s gains amid ideas the rally was overdone.
Early losses in the Chicago Board of Trade soy complex contributed to the selling pressure in canola. Malaysian palm oil and European rapeseed futures were also down overnight.
Light rains in parts of Alberta and Saskatchewan were also bearish, although the forecasts remain relatively hot and dry for most of the Prairies over the next week.
About 9,800 canola contracts had traded as of 8:53 CDT.
Prices in Canadian dollars per metric ton at 8:53 CDT:
Canola Jul 779.20 up 6.90
Nov 728.40 dn 9.50
Jan 726.30 dn 13.30
Mar 719.40 dn 14.60
Futures Prices as of June 24, 2021
Prices are in Canadian dollars per metric ton