By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 1 (MarketsFarm) – The ICE Futures canola market was posting losses in the most active months Wednesday morning, retreating from overnight gains as declines in Chicago Board of Trade soyoil weighed on values.
Soyoil was down by more than half-a-cent per pound, while Malaysian palm oil and European rapeseed futures were also weaker in overnight activity.
Disappointment that rumours of improving trade relations between China and Canada proved unfounded on Tuesday also weighed on values, as the major customer continues to limit its purchases of Canadian canola.
About 3,800 canola contracts had traded as of 8:52 CDT.
Prices in Canadian dollars per metric ton at 8:52 CDT:
Canola May 466.50 dn 2.50
Jul 475.60 dn 2.10
Nov 483.00 dn 2.70
Jan 489.50 dn 1.40