By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Jan. 21 (MarketsFarm) – The ICE Futures canola market was weaker Tuesday morning, as sharp declines in the Chicago Board of Trade soy complex weighed on prices to start the day.
Soyoil was down by roughly half a cent per pound, while soybeans also posted large losses as activity in Chicago resumed after the Martin Luther King Jr. holiday on Monday.
Large visible canola supplies, bearish technical signals and the advancing Brazilian soybean harvest all contributed to the weaker tone, according to participants.
However, ideas that canola remains cheap compared to other oilseeds provided some underlying support.
About 4,200 canola contracts had traded as of 8:48 CST.
Prices in Canadian dollars per metric ton at 8:48 CST:
Price Change
Canola Mar 478.20 dn 2.80
May 487.00 dn 2.80
Jul 491.60 dn 2.50
Nov 495.70 dn 0.90
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