By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 15 (MarketsFarm) – The ICE Futures canola market was weaker Thursday morning, as investors booked profits and prices backed away from their recently-hit highs.
The Chicago Board of Trade soy complex was narrowly mixed in early activity, providing little direction for canola. Malaysian palm oil was firmer in overnight activity, while European rapeseed futures were steady to lower.
Tight old crop supplies remain a major supportive influence in canola, although attention is turning to the new crop.
Recent moisture in parts of Western Canada helped alleviate dryness concerns to some extent, but more precipitation will be needed through the growing season.
About 5,600 canola contracts had traded as of 8:47 CDT.
Prices in Canadian dollars per metric ton at 8:47 CDT:
Canola May 818.30 dn 8.90
Jul 754.30 dn 1.40
Nov 632.70 dn 6.20
Jan 633.50 dn 5.20