By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Feb. 25 (MarketsFarm) – The ICE Futures canola market was weaker at midday Tuesday, touching fresh contract lows as some stops were hit and speculators continued to add to their bearish bets.
Losses in Malaysian palm oil and Chicago Board of Trade soyoil futures contributed to some spillover selling in canola, although CBOT soybeans were slightly firmer.
Ongoing concerns over the COVID-19 coronavirus outbreak remained a feature in the grain and oilseed markets. Ongoing protests at railways and port facilities across Canada, in solidarity with anti-pipeline protestors in British Columbia, also kept some caution in the canola market as vessels waiting for exports back up at the West Coast.
About 19,500 canola contracts traded as of 10:32 CST.
Prices in Canadian dollars per metric tonne at 10:32 CST:
Price Change
Canola Mar 447.20 dn 2.50
May 456.00 dn 2.80
Jul 463.00 dn 2.90
Nov 473.60 dn 1.90
