By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 21 – (MarketsFarm) – ICE Futures canola contracts were weaker at midday Tuesday, seeing a continuation of the selling pressure that’s weighed on values for the past week.
“There’s a lot of speculative liquidation,” said a trader, adding that “money is flowing out of canola and soyoil.”
The European rapeseed market was also weaker, although Malaysian palm oil held closer to unchanged.
The trader said a lack of significant weather concerns across the Prairies added to the softer tone, as recent rains in Alberta and Saskatchewan have eased dryness concerns.
However, canola was well off its session lows as some support was uncovered to the downside.
About 24,900 canola contracts traded as of 10:44 CDT.
Prices in Canadian dollars per metric tonne at 10:44 CDT:
Canola Jul 1,003.90 dn 17.40
Nov 959.70 dn 3.10
Jan 965.50 dn 4.10
Mar 967.90 dn 6.10
