By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 19 (MarketsFarm) – ICE Futures canola contracts were weaker Tuesday morning, as strength in the Canadian dollar and losses in Chicago Board of Trade soyoil weighed on values.
Chart-based speculative selling contributed to the early declines, amid ideas that the recent correction off of nearby lows was starting to look overdone.
Ample old crop supplies and continued concerns over trade issues with China also weighed on values, according to participants.
End-user bargain hunting provided some support. CBOT soybeans were slightly higher in early trade as well.
About 4,800 canola contracts had traded as of 8:55 CDT.
Prices in Canadian dollars per metric ton at 8:55 CDT:
Price Change
Canola Mar 463.20 dn 3.10
May 471.60 dn 2.90
Jul 482.80 dn 3.20
Nov 489.50 dn 2.10
