By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Feb. 3 (MarketsFarm) – The ICE Futures canola market was weaker Wednesday morning, pressured by losses in world vegetable oil futures.
Malaysian palm oil futures dropped sharply in overnight activity, as India raised import taxes on crude palm oil. Chicago Board of Trade soyoil futures were also weaker Wednesday morning.
Overbought price sentiment and speculative profit-taking contributed to the early declines.
However, ongoing concerns over tight old crop supplies and the need to ration demand going forward remained supportive.
About 17,500 canola contracts had traded as of 8:45 CST, with the bulk of the activity in the new crop months.
Prices in Canadian dollars per metric ton at 8:45 CST:
Price Change
Canola Mar 699.50 dn 5.80
May 674.50 dn 3.50
Jul 647.00 dn 2.80
Nov 550.90 dn 4.00
