By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Nov. 5 (MarketsFarm) – The ICE Futures canola market was weaker Friday morning, continuing to back away from contract highs as traders booked profits ahead of the weekend on ideas that canola was looking overpriced at current levels.
Declines in Chicago Board of Trade soyoil contributed to the softer tone in canola, with Malaysian palm oil and European rapeseed futures also down overnight.
Tight supplies and the need to ration demand remained supportive on the other side, although those concerns are well priced into the market for the time being.
The Canadian dollar was holding relatively steady in early trade.
About 5,500 canola contracts had traded as of 8:46 CDT.
Prices in Canadian dollars per metric ton at 8:46 CDT:
Price Change
Canola Jan 966.40 dn 12.50
Mar 947.10 dn 8.20
May 918.20 dn 7.60
Jul 880.00 dn 6.00
