By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Dec. 6 (MarketsFarm) – The ICE Futures canola market was weaker at midday Monday, seeing some speculative profit-taking to start the week as the futures were thought to be looking overpriced.
Losses in Chicago Board of Trade soybeans and a firmer tone in the Canadian dollar contributed to the selling pressure in canola. However, CBOT soyoil was higher, providing some underlying support.
The tight canola supply situation, confirmed by Statistics Canada in their updated production estimates on Dec. 3, also underpinned the futures.
About 14,000 canola contracts traded as of 10:37 CST.
Prices in Canadian dollars per metric tonne at 10:37 CST:
Price Change
Canola Jan 1,015.90 dn 11.00
Mar 986.70 dn 7.90
May 949.40 dn 4.00
Jul 902.60 dn 2.00
