By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Feb. 9 (MarketsFarm) – The ICE Futures canola market was slightly weaker Thursday morning, seeing a continuation of Wednesday’s losses in early activity.
Weakness in Chicago soyoil and European rapeseed futures accounted for some spillover selling pressure in the Canadian oilseed. A firmer tone in the Canadian dollar was also bearish.
The March contract was testing the 20-day moving average on the charts, with speculative positioning behind some of the activity.
Declining production prospects for soybeans in Argentina remained a supportive influence on world oilseed markets.
About 13,300 canola contracts had traded as of 8:51 CST.
Prices in Canadian dollars per metric ton at 8:51 CST:
Canola Mar 824.50 dn 3.70
May 822.90 dn 3.90
Jul 822.80 dn 4.00
Nov 805.50 dn 4.00
