By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Jan. 25 (MarketsFarm) – The ICE Futures canola market was weaker Tuesday morning, seeing some follow-through selling after Monday’s break below former chart-support.
Speculative long liquidation was a feature, as the March contract dipped below its 20 and 50-day moving averages. A softer tone in Chicago Board of Trade soybeans also put some pressure on values.
However, soyoil was up on the day, providing some underlying support. Ongoing concerns over tight old crop supplies also underpinned the market.
About 4,000 canola contracts had traded as of 8:42 CST.
Prices in Canadian dollars per metric ton at 8:42 CST:
Price Change
Canola Mar 989.90 dn 6.00
May 981.00 dn 4.50
Jul 956.30 dn 3.20
Nov 822.20 dn 10.20
