By MarketsFarm
WINNIPEG, March 10 (MarketsFarm) – The ICE Futures canola market was holding small gains Tuesday morning, seeing a modest correction after Monday’s sharp declines.
Most other outside markets, including crude oil and Chicago Board of Trade soyoil, were also correcting higher to start the day.
Supportive chart signals added to the firmer tone in canola, as the Canadian oilseed managed to hold above key technical support on Monday.
However, underlying concerns over the COVID-19 coronavirus kept some caution in the market. The oil price war between Russia and Saudi Arabia also remained a bearish influence, despite Tuesday’s firmer tone.
About 5,000 canola contracts had traded as of 8:45 CST.
Prices in Canadian dollars per metric ton at 8:45 CST:
Price Change
Canola May 458.60 up 3.30
Jul 466.90 up 3.20
Nov 476.90 up 3.60
Jan 484.20 up 4.40
