By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Jan. 17 (MarketsFarm) – The ICE Futures canola market was weaker Tuesday morning as activity in the United States markets resumed after Monday’s Martin Luther King Jr. Day closure.
Losses in outside markets, including European rapeseed and Malaysian palm oil futures, accounted for some spillover selling pressure in the Canadian oilseed. Chicago soybeans and soyoil were also softer in early trade.
Solid end user demand helped temper the declines, as crush margins remain historically wide.
The Canadian dollar was steady in early activity, providing little direction.
About 3,100 canola contracts had traded as of 8:46 CST.
Prices in Canadian dollars per metric ton at 8:46 CST:
Canola Mar 839.40 dn 1.50
May 835.40 dn 4.20
Jul 837.00 dn 4.20
Nov 817.40 dn 4.70
