By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 12 (MarketsFarm) – The ICE Futures canola market traded to both sides of unchanged in overnight activity but turned lower as Monday’s day session got underway with the largest losses in the new crop months.
The Chicago soy complex was mixed to start the week, with gains in soybeans but losses in nearby soyoil contracts. European rapeseed futures also traded to both sides of unchanged, while Malaysian palm oil was slightly softer. Crude oil was lower, which weighed on the agricultural commodities.
Prairie weather forecasts call for normal to above normal temperatures for most regions over the next week, with good chances of precipitation in Alberta and northern growing regions of Saskatchewan, with scattered thunderstorm activity elsewhere.
About 9,400 canola contracts had traded as of 8:45 CDT.
Prices in Canadian dollars per metric ton at 8:45 CDT:
Canola Jul 684.70 dn 1.20
Nov 660.80 dn 4.10
Jan 668.10 dn 4.00
Mar 674.40 dn 4.40
