By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Jan. 21 – (MarketsFarm) – The ICE Futures canola market was weaker at midday Friday, seeing a modest correction after climbing sharply higher the previous two sessions.
Speculators were behind much of the activity, adjusting their positions and booking profits ahead of the weekend.
Losses in Chicago Board of Trade soybeans put some spillover pressure on the Canadian oilseed. However, gains in soyoil provided some underlying support. Malaysian palm oil was also up overnight, while European rapeseed futures were mixed on the day.
The Canadian dollar was slightly softer, helping temper the declines in canola. While export demand is being rationed at current price levels, solid demand from domestic crushers remained supportive as well.
About 12,600 canola contracts traded as of 10:38 CST.
Prices in Canadian dollars per metric tonne at 10:38 CST:
Price Change
Canola Mar 1,012.70 dn 9.30
May 1,000.20 dn 5.20
Jul 964.90 dn 3.50
Nov 820.90 dn 5.00
