By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Jan. 6 (MarketsFarm) – The ICE Futures canola market was weaker Monday morning, seeing some follow-through selling after Friday’s turn lower. Global uncertainty over the mounting tensions between the United States and Iran had investors backing away from riskier assets, including agricultural commodities.
Losses in Chicago Board of Trade soyoil accounted for some spillover selling pressure in the Canadian oilseed.
Recent strength in the Canadian dollar was another bearish influence.
However, canola remains cheap from a buyer’s perspective, keeping some demand in the market. A turn higher in CBOT soybeans was also supportive.
About 3,000 canola contracts had traded as of 8:43 CST.
Prices in Canadian dollars per metric ton at 8:43 CST:
Price Change
Canola Jan 469.60 dn 1.90
Mar 477.70 dn 0.60
May 486.50 dn 0.80
Jul 491.90 dn 1.10
