By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 17 (MarketsFarm) – There was no green in the ICE Futures canola market Wednesday morning, as speculators liquidating long positions weighed on values.
New end user buying interest was reportedly backing away at higher price levels, as the tight market worked to ration demand. However, the underlying fundamentals remain supportive, and any losses in canola will likely be seen as a buying opportunity.
Chicago Board of Trade soybeans and soyoil futures were lower in early activity, adding to the softer tone in canola.
About 7,100 canola contracts had traded as of 8:34 CDT.
Prices in Canadian dollars per metric ton at 8:34 CDT:
Price Change
Canola May 783.70 dn 11.60
Jul 735.70 dn 8.50
Nov 625.50 dn 7.50
Jan 631.80 dn 2.90
