By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Nov. 30 (MarketsFarm) – The ICE Futures canola market was sharply lower Tuesday morning, seeing a continuation of Monday’s retreat from contract highs.
Speculative long liquidation accounted for much of the selling pressure, as traders booked profits on their large net-long positions.
Losses in the Chicago Board of Trade soy complex put some spillover pressure on canola, with Malaysian palm oil and European rapeseed futures also weaker amid broad global uncertainty over the new Omicron Covid-19 variant.
Ongoing concerns over tight canola supplies remained a supportive influence, with Statistics Canada set to release updated production estimates on Friday, Dec. 3.
About 5,000 canola contracts had traded as of 8:47 CST.
Prices in Canadian dollars per metric ton at 8:47 CST:
Price Change
Canola Jan 1,005.00 dn 22.40
Mar 976.40 dn 21.70
May 936.00 dn 23.20
Jul 892.70 dn 22.80
