WINNIPEG–The ICE Futures canola market was mostly weaker Thursday morning, with speculative profit-taking the feature as values backed away from multi-year highs. However, the new crop November contract posted small gains, as the spreads saw some readjustment.
Declines in Chicago Board of Trade soyoil and a firm tone in the Canadian dollar contributed to the early weakness in canola.
However, advances in CBOT soybeans provided some spillover support.
Concerns over tightening Canadian supplies and the need to ration demand going forward also underpinned the futures.
About 7,200 canola contracts had traded as of 8:52 CST.
Prices in Canadian dollars per metric ton at 8:52 CST:
Canola Mar 678.30 dn 6.40
May 663.00 dn 5.40
Jul 649.30 dn 4.20
Nov 553.50 up 0.70