By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 14 (MarketsFarm) – The ICE Futures canola market was posting small losses Monday morning, seeing some modest profit-taking to start the week.
Overnight losses in Chicago Board of Trade soyoil, European rapeseed and Malaysian palm oil futures all spilled over to add to the softer tone in canola.
Russia and Ukraine were reportedly making progress with ceasefire talks, which sent crude oil prices down sharply and contributed to the selling pressure in the world vegetable oil markets.
Tight old crop supplies and ideas that canola is still looking attractively priced provided underlying support.
About 2,400 canola contracts had traded as of 8:39 CDT.
Prices in Canadian dollars per metric ton at 8:39 CDT:
Price Change
Canola May 1,127.20 dn 4.00
Jul 1,096.90 dn 1.10
Nov 927.60 dn 2.00
Jan 927.10 dn 0.90
