WINNIPEG, Manitoba--The ICE Futures canola market was weaker Monday morning, as speculators continued to take profits on their large long positions.
General uncertainty in the world economic markets, amid a surge in the Covid-19 Delta variant, accounted for some of the spillover selling in canola. Losses in Chicago Board of Trade soybeans were also bearish for the Canadian oilseed, although soyoil was holding relatively steady.
Forecasts remain generally hot and dry across most of the Prairies, which should be keeping a weather premium in the market. However, those concerns may be priced into the futures for the time being.
About 4,100 canola contracts had traded as of 9:55 EDT.
Prices in Canadian dollars per metric ton at 9:55 EDT:
Canola Nov 871.20 dn 12.40
Jan 856.30 dn 11.10
Mar 838.20 dn 11.90
May 818.90 dn 11.90
Source: Commodity News Service Canada, firstname.lastname@example.org
(END) Dow Jones Newswires