By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Jan. 28 (MarketsFarm) – The ICE Futures canola market was weaker Tuesday morning, seeing some follow-through selling after Monday’s sharp declines.
Ongoing uncertainty over the coronavirus and its possible impact on the global economy remained a bearish influence in the background, according to participants.
Large losses in Malaysian palm oil and Chicago Board of Trade soyoil contributed to the spillover pressure in the Canadian oilseed.
Chart-based selling was a feature, as the technical bias has turned lower.
However, canola remains cheap compared to other oilseeds and oversold price-sentiment helped temper the declines.
About 11,400 canola contracts had traded as of 8:50 CST.
Prices in Canadian dollars per metric ton at 8:50 CST:
Price Change
Canola Mar 458.70 dn 2.80
May 467.90 dn 2.70
Jul 474.30 dn 2.60
Nov 481.80 dn 2.50
