By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 28 (MarketsFarm) – The ICE Futures canola market was mostly lower Wednesday morning, with only the lightly traded nearby May contract holding onto gains as traders exited the front month ahead of its expiry.
Speculative profit-taking was a feature in the more active months, as Tuesday’s retreat from contract highs was bearish from a chart standpoint.
Losses in the Chicago Board of Trade soy complex and recent strength in the Canadian dollar contributed to the softer tone in canola.
However, tight supplies and uncertainty over new crop production remained supportive with any losses likely seen as buying opportunities for end users.
About 7,400 canola contracts had traded as of 8:46 CDT.
Prices in Canadian dollars per metric ton at 8:46 CDT:
Price Change
Canola May 909.30 up 7.40
Jul 836030 dn 0.80
Nov 686.60 dn 7.30
Jan 681.00 dn 10.60
