By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 12 (MarketsFarm) – The ICE Futures canola market was weaker Wednesday morning, seeing a continuation of Tuesday’s downturn.
Losses in Chicago soyoil accounted for some spillover selling pressure in the Canadian oilseed. Malaysian palm oil and European rapeseed futures also posted sharp declines overnight.
Speculative positioning was expected to remain a feature in the canola market, as fund traders have covered some of their large net short position over the past few weeks.
Attention is also turning to North American weather conditions, with planting just a few weeks away in the Canadian Prairies.
About 9,200 canola contracts had traded as of 8:47 CDT.
Prices in Canadian dollars per metric ton at 8:47 CDT:
Canola May 762.10 dn 7.20
Jul 737.20 dn 9.90
Nov 702.30 dn 12.00
Jan 705.20 dn 11.10
