By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 21 (MarketsFarm) – ICE Futures canola contracts were weaker Friday morning, as much needed rain in dry areas of the Prairies weighed on values.
While more moisture will be needed, the widespread precipitation saw investors booking profits and taking some weather premiums out of the market.
Losses in Chicago Board of Trade soybeans and recent strength in the Canadian dollar also put spillover pressure on canola, according to participants.
On the other side, nearby technical signals remain pointed higher, helping temper the declines.
About 3,600 canola contracts had traded as of 8:54 CDT.
Prices in Canadian dollars per metric ton at 8:54 CDT:
Canola Jul 455.00 dn 0.80
Nov 468.00 dn 1.70
Jan 475.10 dn 1.80
Mar 482.00 dn 0.70