By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 30 (MarketsFarm) – The ICE Futures canola market was weaker Tuesday morning, as speculative long liquidation returned to weigh on values after Monday’s brief attempt at consolidation.
Overnight losses in Malaysian palm oil and weakness in Chicago Board of Trade soyoil contributed to the early selling pressure in canola, with the latest price activity also said to be looking bearish from a chart standpoint.
The United States Department of Agriculture releases its first survey-based acreage estimates of the year on Wednesday, and pre-report positioning was expected to provide some direction for the North American agricultural futures on Tuesday.
The underlying fundamentals of tight old crop supplies remain supportive for canola.
About 4,800 canola contracts had traded as of 8:49 CDT.
Prices in Canadian dollars per metric ton at 8:49 CDT:
Price Change
Canola May 740.40 dn 15.80
Jul 704.50 dn 11.70
Nov 599.20 dn 6.30
Jan 601.20 dn 7.90
