By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 18 (MarketsFarm) – The ICE Futures canola market was down sharply Thursday morning, as speculative long-liquidation weighed on values.
Wednesday’s downturn was bearish from a chart standpoint, with the May contract falling below its 20-day moving average this morning and investors back on the sell side booking profits on their large net long positions.
Losses in Chicago Board of Trade soybeans and soyoil also weighed on the Canadian oilseed.
Tight old crop supplies remained a supportive influence, with any losses likely to uncover some fresh buying interest.
About 9,200 canola contracts had traded as of 8:56 CDT.
Prices in Canadian dollars per metric ton at 8:56 CDT:
Price Change
Canola May 765.80 dn 13.50
Jul 716.60 dn 15.00
Nov 608.80 dn 15.70
Jan 609.80 dn 15.50
