By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 16 (MarketsFarm) – The ICE Futures canola market was weaker Tuesday morning, as chart-based profit-taking had values backing away from their highs.
A softer tone in Chicago Board of Trade soybeans and soyoil put some spillover pressure on canola. Malaysian palm oil and European rapeseed futures were also lower in overnight activity.
However, the underlying fundamentals of tight old crop supplies and the need to ration demand remained supportive, helping temper the declines.
The Canadian dollar was holding steady in early activity, providing little direction.
About 6,000 canola contracts had traded as of 8:40 CDT.
Prices in Canadian dollars per metric ton at 8:40 CDT:
Price Change
Canola May 799.50 dn 3.40
Jul 748.70 dn 1.60
Nov 626.60 dn 6.00
Jan 627.90 dn 6.80
