By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Feb. 2 (MarketsFarm) – The ICE Futures canola market was weaker at midday Tuesday, taking back some of Monday’s gains as losses in the Chicago Board of Trade soy complex weighed on values.
Chart-based selling was a feature in the nearby March contract, amid ideas the front-month was looking overbought from a technical standpoint.
However, the underlying fundamentals remain supportive, with tightening old crop supplies and the need to ration demand going forward underpinning the market.
Statistics Canada releases updated stocks data on Friday, Feb. 5, which will show canola supplies in the country as of Dec. 31.
About 10,700 canola contracts traded as of 10:54 CST.
Prices in Canadian dollars per metric tonne at 10:44 CST:
Price Change
Canola Mar 702.60 dn 12.90
May 674.60 dn 4.10
Jul 648.40 dn 1.50
Nov 556.00 dn 1.40
