By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Nov. 3 (MarketsFarm) – The ICE Futures canola market was weaker Wednesday morning, backing away from contract highs as traders took profits.
Losses in Chicago Board of Trade soyoil futures put some spillover pressure on canola. European rapeseed futures were also weaker, although Malaysian palm oil was higher.
Tight supplies and the need to ration demand remained supportive, although canola is already looking expensive at current levels.
The Canadian dollar was slightly weaker in early trade.
About 2,800 canola contracts had traded as of 8:44 CDT.
Prices in Canadian dollars per metric ton at 8:44 CDT:
Price Change
Canola Jan 987.70 dn 3.30
Mar 958.80 dn 4.90
May 926.60 dn 4.10
Jul 883.00 dn 2.70
