By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Jan. 12 (MarketsFarm) – The ICE Futures canola market was mostly weaker Wednesday morning, as speculators continued to take profits on their large net-long positions.
The United States Department of Agriculture releases its monthly supply/demand report at 11:00 CST, and any surprises in the data will likely dictate how the market settles with traders reluctant to push values too far one way or the other ahead of the data.
Chicago Board of Trade soybeans and soyoil were down ahead of the report, putting some spillover pressure on canola.
While Canada’s tight supply situation remains supportive, there are ideas that the market is overpriced at current levels and due for a correction.
About 6,500 canola contracts had traded as of 9:45 CST.
Prices in Canadian dollars per metric ton at 9:45 CST:
Price Change
Canola Mar 1,013.60 dn 14.50
May 987.20 dn 12.40
Jul 940.30 dn 11.00
Nov 786.90 dn 5.80
