By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Jan. 15 (MarketsFarm) – The ICE Futures canola market was steady to lower Friday morning in choppy trade, seeing some consolidation just below its nearby highs as investors squared positions ahead of the weekend.
Losses in Chicago Board of Trade soybeans and soyoil accounted for some spillover selling pressure. Overbought price sentiment and farmer hedges at the highs also weighed on values.
However, a weaker tone in the Canadian dollar provided some support, as the currency lost roughly half of a cent relative to its United States counterpart.
Concerns over tightening Canadian supplies and the need to ration demand going forward also remained supportive.
About 5,400 canola contracts had traded as of 8:40 CST.
Prices in Canadian dollars per metric ton at 8:40 CST:
Canola Mar 687.60 dn 0.20
May 670.00 dn 2.30
Jul 655.30 dn 1.70
Nov 553.10 dn 2.60