By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Feb. 4 (MarketsFarm) – The ICE Futures canola market was mixed Thursday morning, retreating from overnight gains in the most active front months as the Chicago soy complex also turned lower.
Overbought price sentiment and speculative profit-taking contributed to the losses, as canola continued to back away from its recently hit multi-year highs.
However, ongoing concerns over tightening old crop supplies remained supportive, as the market works to ration some of that demand.
Overnight gains in Malaysian palm oil and a slightly weaker tone in the Canadian dollar also helped underpin the futures.
About 2,200 canola contracts had traded as of 8:40 CST.
Prices in Canadian dollars per metric ton at 8:40 CST:
Price Change
Canola Mar 691.40 dn 3.70
May 671.70 dn 4.70
Jul 646.70 dn 5.20
Nov 552.20 up 1.00
