By MarketsFarm
WINNIPEG, Jan. 30 (MarketsFarm) – The ICE Futures canola market was weaker Thursday morning, as bearish technical signals and weakness in outside vegetable oil markets weighed on values.
Malaysian palm oil was down overnight, while Chicago Board of Trade soyoil was posting losses of more than half-a-cent per pound in early activity.
Heightened concerns over the spreading coronavirus in China had investors backing away from riskier investments on Thursday, including the grains and oilseeds.
However, a slightly softer tone in the Canadian dollar provided some underlying support.
Ideas that the losses were looking overdone also tempered the declines, as canola remains cheap compared to other oilseeds.
About 5,500 canola contracts had traded as of 8:41 CST.
Prices in Canadian dollars per metric ton at 8:41 CST:
Price Change
Canola Mar 458.40 dn 3.30
May 467.80 dn 3.10
Jul 474.50 dn 3.10
Nov 483.00 dn 3.30
