By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 28 (MarketsFarm) – The ICE Futures canola market was weaker Monday morning, taking some direction from the Chicago Board of Trade soy complex.
Losses in crude oil accounted for some of the selling pressure in world vegetable oil markets in general, which spilled into canola. However, European rapeseed was mixed in overnight trade.
Tight old crop supplies and the continued need to ration demand remained supportive, although overbought price sentiment may have had some speculators on the sell side to start the week.
The Canadian dollar was softer in early activity, dipping back below 80 U.S. cents.
About 4,500 canola contracts had traded as of 8:53 CDT.
Prices in Canadian dollars per metric ton at 8:53 CDT:
Price Change
Canola May 1,135.70 dn 3.70
Jul 1,110.10 dn 3.60
Nov 958.80 dn 2.30
Jan 959.10 dn 1.80
