By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Dec. 9 (MarketsFarm) – The ICE Futures canola market was posting small losses Friday morning in thin and choppy trade.
Crush margins have deteriorated sharply over the past week, causing some end user demand to back away from the market.
Soybean and soyoil futures in Chicago were both slightly lower, adding to the softer tone in canola. The United States Department of Agriculture releases its monthly supply/demand report at 11:00 CST, with any surprises in the data likely to set the tone in the markets by the close.
Losses in the Canadian dollar and small gains in European rapeseed futures provided some underlying support for canola.
About 5,800 canola contracts had traded as of 8:36 CST.
Prices in Canadian dollars per metric ton at 8:36 CST:
Canola Jan 872.60 dn 2.60
Mar 859.90 dn 1.20
May 858.40 dn 2.90
Jul 857.40 dn 4.40
