By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 29 (MarketsFarm) – The ICE Futures canola market was sharply lower Tuesday morning, falling in sympathy with outside markets.
Optimism over ceasefire talks in Ukraine sent crude oil spiraling down on Tuesday, with the selling pressure there spilling into world vegetable oil markets as well. Malaysian palm oil, European rapeseed and Chicago Board of Trade soyoil futures were all lower.
Speculative profit-taking was a feature in the canola market, as speculators liquidated long positions.
However, tight supplies and the need to ration demand remained supportive, tempering the losses.
About 8,700 canola contracts had traded as of 8:57 CDT.
Prices in Canadian dollars per metric ton at 8:57 CDT:
Price Change
Canola May 1,111.20 dn 32.00
Jul 1,088.80 dn 31.60
Nov 944.00 dn 24.10
Jan 944.10 dn 23.90
