By Glen Hallick, MarketsFarm
WINNIPEG, March 10 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were lower on Wednesday morning, with steep declines in the old crop months.
However, tight canola supplies were tempering further losses.
Canola is considered to be overdone with profit-taking likely fueling this morning’s pull back.
There were losses as well in the Chicago soy complex and in the front months of European rapeseed, while there were gains in Malaysian palm oil.
The Canadian dollar was relatively steady on Wednesday morning, with the loonie at 79.21 U.S. cents, compared to Tuesday’s close of 79.15.
About 6,000 canola contracts had traded as of 8:38 CST.
Prices in Canadian dollars per metric tonne at 8:38 CST:
Price Change
Canola May 773.60 dn 22.60
Jul 736.00 dn 17.90
Nov 620.80 dn 5.50
Jan 624.40 dn 5.10
