By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 10 (MarketsFarm) – The ICE Futures canola market was weaker at midday Wednesday, with speculative profit-taking a feature as investors liquidated long positions.
Losses in Chicago Board of Trade soybeans and soyoil put spillover pressure on canola, although soyoil had moved well off its lows by midsession and the Canadian oilseed was outpacing the United States market to the downside.
While canola was due for a correction from a chart standpoint, a trader noted that the underlying fundamentals of tight old crop supplies remained supportive.
The Canadian dollar was holding relatively steady at midday, providing little direction.
About 14,200 canola contracts traded as of 10:50 CST.
Prices in Canadian dollars per metric tonne at 10:50 CST:
Price Change
Canola May 780.60 dn 15.60
Jul 740.00 dn 13.90
Nov 621.50 dn 4.80
Jan 625.40 dn 4.10
