By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 19 – (MarketsFarm) – ICE Futures canola contracts were weaker at midday Tuesday, seeing some modest profit-taking after hitting fresh highs in overnight activity.
Losses in Chicago Board of Trade soyoil accounted for some spillover selling pressure, although soybeans moved higher and Malaysian palm oil was also up on the day.
The general technical trend remains pointed higher for canola, with any losses likely encouraging some scale-down demand. Tight old crop supplies and uncertainty over new crop production also provided some support.
Statistics Canada releases its first acreage estimates for the upcoming growing season on April 26.
About 8,200 canola contracts traded as of 10:42 CDT.
Prices in Canadian dollars per metric tonne at 10:42 CDT:
Price Change
Canola May 1,169.80 dn 1.20
Jul 1,149.50 dn 3.60
Nov 1,045.90 dn 3.90
Jan 1,048.10 dn 3.50
