By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Jan. 18 (MarketsFarm) – The ICE Futures canola market was mostly lower at midday Tuesday, with only the new crop November contract holding onto small gains.
The nearby March contract has lost over C$60 per tonne over the past week, with speculative long-liquidation keeping the path of least resistance pointed lower in the front months on Tuesday, according to participants.
Improving crop prospects for soybeans in South America and resulting declines in the Chicago futures were also weighing on the Canadian oilseed. However, soyoil was holding onto small gains while strength in crude oil provided some additional support.
Canada’s tight supply situation remains another supportive influence, although the need to ration demand is thought to be well priced into the market for the time being.
About 12,800 canola contracts traded as of 10:48 CST.
Prices in Canadian dollars per metric tonne at 10:48 CST:
Price Change
Canola Mar 964.30 dn 10.90
May 953.30 dn 7.10
Jul 926.50 dn 5.70
Nov 794.50 up 0.90
