ICE canola weakens with vegetable oil

By Dave Sims, Commodity News Service Canada

WINNIPEG, June 12 (CNS) – Canola contracts on the ICE Futures Canada platform were slightly lower at midday Tuesday, following declines in the vegetable oil market.

Traders were positioning themselves ahead of the release of the USDA’s World Agricultural Supply and Demand Estimates. Those figures are scheduled to be released at 11:00 CDT.

The Canadian canola crop is off to a good start, although many areas will need more rain soon while others are suffering from excess moisture.

Gains in Chicago Board of Trade soybeans were bearish for prices.

The technical bias is pointed lower.

About 9,400 canola contracts had traded as of 10:35 CDT.

Prices in Canadian dollars per metric ton at 10:35 CDT: