By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 15 (MarketsFarm) – The ICE Futures canola market was mixed Tuesday morning, with losses in the front months and a firmer tone in the new crop contracts.
Losses in outside markets, including Chicago soyoil and Malaysian palm oil futures, put some pressure on the Canadian oilseed.
Chart-based positioning was another bearish influence, as prices backed away from their nearby highs.
However, tight supplies and early weakness in the Canadian dollar provided some support.
About 3,000 canola contracts had traded as of 8:44 CDT.
Prices in Canadian dollars per metric ton at 8:44 CDT:
Price Change
Canola May 1,114.40 dn 7.80
Jul 1,091.80 dn 4.70
Nov 934.50 up 1.40
Jan 932.00 unchanged
