By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Jan. 14 (MarketsFarm) – The ICE Futures canola market remained pointed lower Friday morning, as speculators continued to liquidate their long positions and book profits.
Weakness in the Chicago Board of Trade soy complex put some additional spillover pressure on the Canadian oilseed.
However, European rapeseed and Malaysian palm oil futures were both higher in overnight activity.
Tight Canadian canola supplies remain a supportive influence in the background, but demand has already been curtailed considerably leaving the market open to a correction.
About 6,500 canola contracts had traded as of 8:35 CST.
Prices in Canadian dollars per metric ton at 8:35 CST:
Price Change
Canola Mar 976.90 dn 7.90
May 962.80 dn 8.50
Jul 933.60 dn 7.60
Nov 791.20 dn 4.60
