By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Jan. 28 (MarketsFarm) – The ICE Futures canola market was lower at midday Thursday, seeing a profit-taking correction after climbing sharply higher earlier in the week.
The largest losses were in the nearby March contract, as the intermonth spreads saw some readjustment after the front month had outpaced the deferred contracts to the upside during the recent rally.
Declines in Chicago Board of Trade soybeans accounted for some of the spillover selling pressure in canola. However, soyoil was holding near unchanged.
Tightening supplies and the need to ration demand going forward remained supportive overall.
About 19,500 canola contracts traded as of 10:50 CST.
Prices in Canadian dollars per metric tonne at 10:50 CST:
Price Change
Canola Mar 691.70 dn 26.10
May 666.90 dn 9.30
Jul 642.80 dn 6.70
Nov 543.30 dn 13.70
