By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 22 (MarketsFarm) – The ICE Futures canola market was weaker at midday Thursday, seeing a profit-taking correction after recent gains.
Losses in outside markets, including the Chicago soy complex and European rapeseed, contributed to the softer tone in canola.
Crush margins lost roughly C$40 per tonne in Wednesday’s trade, as canola held onto gains despite heavy losses in soyoil at that time.
Much of southern Manitoba was receiving widespread rains on Thursday, easing dryness concerns in the region.
Statistics Canada releases updated acreage estimates next week Wednesday, while the United States Department of Agriculture follows with its area numbers on June 30.
About 24,900 canola contracts traded as of 10:39 CDT.
Prices in Canadian dollars per metric tonne at 10:39 CDT:
Canola Jul 741.50 dn 3.80
Nov 710.70 dn 9.90
Jan 716.10 dn 10.50
Mar 718.20 dn 10.50
