By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Nov. 4 (MarketsFarm) – The ICE Futures canola market was weaker Thursday morning, seeing some speculative profit-taking to start the day amid ideas the futures are looking overpriced.
European rapeseed futures were also posting losses, putting some spillover pressure on the Canadian oilseed.
However, Malaysian palm oil hit fresh highs overnight, while Chicago Board of Trade soyoil futures recovered from overnight losses to post gains in early activity.
A weaker tone in the Canadian dollar also lent some support to canola.
Tight supplies and the need to ration demand remained bullish influences in the background as well.
About 2,900 canola contracts had traded as of 8:40 CDT.
Prices in Canadian dollars per metric ton at 8:40 CDT:
Price Change
Canola Jan 987.00 dn 3.70
Mar 959.90 dn 3.20
May 928.90 dn 1.90
Jul 887.50 dn 0.70
