By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 11 (MarketsFarm) – The ICE Futures canola market was lower Monday morning, after trading to both sides of unchanged in overnight activity.
Losses in Chicago Board of Trade soybeans and soyoil accounted for some spillover selling pressure in the Canadian oilseed.
Chart-based speculative profit-taking contributed to the declines, as canola futures backed away from the highs hit last week.
However, the tight old crop supply situation remained supportive. Early weakness in the Canadian dollar also underpinned the futures.
About 3,000 canola contracts had traded as of 8:40 CDT.
Prices in Canadian dollars per metric ton at 8:40 CDT:
Price Change
Canola May 1,160.10 dn 5.50
Jul 1,136.40 dn 2.40
Nov 1,008.60 dn 2.50
Jan 1,007.70 dn 3.80
