By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Dec. 15 (MarketsFarm) – The ICE Futures canola market was weaker Wednesday morning, as year-end speculative profit-taking continued to weigh on values.
Chicago Board of Trade soyoil futures were also lower in early trade, putting some spillover pressure on canola. Malaysian palm oil and European rapeseed futures were also down overnight.
While canola was due for a correction from a chart standpoint, the underlying fundamentals of tight supplies and the need to ration demand remained supportive.
About 3,000 canola contracts had traded as of 8:45 CST.
Prices in Canadian dollars per metric ton at 8:45 CST:
Price Change
Canola Jan 995.80 dn 4.70
Mar 973.80 dn 5.40
May 935.40 dn 7.00
Jul 883.40 dn 7.80
