By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Jan. 31 (MarketsFarm) – The ICE Futures canola market was weaker Friday morning, seeing a continuation of the selling pressure that has weighed on values all week.
Bearish chart signals had speculators on the sell side of the market as prices traded only slightly above contract lows.
Ongoing concerns over the spreading coronavirus in China remained a feature in the grains and oilseeds, amid uncertainty over a possible slowdown in the global economy.
Malaysian palm oil and Chicago Board of Trade soyoil were also weaker.
However, ideas that the losses were looking overdone tempered the declines, as canola remains cheap compared to other oilseeds. Weakness in the Canadian dollar was also supportive.
About 10,000 canola contracts had traded as of 8:43 CST.
Prices in Canadian dollars per metric ton at 8:43 CST:
Price Change
Canola Mar 452.80 dn 3.70
May 462.20 dn 3.50
Jul 469.20 dn 3.20
Nov 477.20 dn 3.40
