By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Dec. 14 (MarketsFarm) – The ICE Futures canola market was narrowly mixed Tuesday morning in thin and choppy activity, as investors continued to square positions ahead of the year-end.
Losses in Chicago Board of Trade soyoil and Malaysian palm oil put some spillover pressure on the Canadian oilseed. However, CBOT soybeans were higher while a weaker tone in the Canadian dollar also provided some support.
Tight supplies and the need to ration demand continued to underpin the market, although canola appears to be running into resistance from a chart standpoint with ideas that the highs may be in for the time being.
About 3,400 canola contracts had traded as of 8:46 CST.
Prices in Canadian dollars per metric ton at 8:46 CST:
Price Change
Canola Jan 1,010.70 up 0.90
Mar 984.30 up 0.30
May 944.80 dn 2.60
Jul 892.10 dn 3.90
