By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Dec. 9 (MarketsFarm) – The ICE Futures canola market was weaker at midday Thursday, seeing a continuation of Wednesday’s selling pressure as investors adjust positions ahead of the United States Department of Agriculture’s monthly supply/demand report.
The Chicago Board of Trade soy complex was posting losses ahead of the report, due out at 11:00 CST, with any reaction to the data likely to influence the direction markets on both sides of the border.
Speculative profit-taking contributed to the declines in canola, according to participants.
However, the underlying fundamentals of tight supplies remained supportive for canola, with a weaker tone in the Canadian dollar also helping temper the losses.
About 7,800 canola contracts traded as of 10:25 CST.
Prices in Canadian dollars per metric tonne at 10:25 CST:
Price Change
Canola Jan 1,000.00 dn 10.70
Mar 973.90 dn 8.90
May 940.20 dn 8.40
Jul 895.70 dn 7.70
