By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 11 (MarketsFarm) – The ICE Futures canola market was weaker Friday morning, falling in sympathy with the Chicago Board of Trade soy complex.
Improving moisture conditions in the dry eastern Canadian Prairies contributed to the decline in canola, as traders took some of the weather premium out of the market.
However, the forecasts call for a return of hot and dry conditions over the next week.
Concerns over tight supplies remained supportive. Very wide new crop crush margins were another sign that prices had more room to the upside.
About 4,600 canola contracts had traded as of 8:46 CDT.
Prices in Canadian dollars per metric ton at 8:46 CDT:
Canola Jul 851.70 dn 20.10
Nov 734.00 dn 27.30
Jan 736.90 dn 26.10
Mar 741.50 dn 19.80