By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Jan. 19 (MarketsFarm) – The ICE Futures canola market was posting small losses Tuesday morning, taking some direction from the Chicago Board of Trade soy complex. A firmer tone in the Canadian dollar and chart-based profit-taking contributed to the declines.
Soybeans and soyoil were both lower to start the day, as activity resumed following the Martin Luther King Jr. holiday.
However, canola was already lower on Monday, when U.S. markets were closed, and lagged the soy complex to the downside on Tuesday.
Solid demand underneath the market and the need to ration some of that demand going forward helped temper the declines in canola.
About 6,400 canola contracts had traded as of 8:46 CST.
Prices in Canadian dollars per metric ton at 8:46 CST:
Price Change
Canola Mar 682.90 dn 1.10
May 664.10 dn 1.90
Jul 646.30 dn 3.20
Nov 549.50 dn 1.70
