By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Jan. 15 (MarketsFarm) – ICE Futures canola contracts were lower at midday Wednesday, as losses in Chicago Board of Trade soyoil and Malaysian palm oil weighed on values.
Palm oil has fallen for the past three days amid heightened diplomatic tensions between India and Malaysia which have seen India restrict imports from the country.
Traders were showing some caution ahead of the signing of a ‘phase one’ deal between the United States and China. The signing was scheduled for 10:30 CST, but was still delayed at 10:50 CST.
The agreement is expected to include more Chinese purchases of U.S. soybeans, but details remain to be seen.
About 13,000 canola contracts traded as of 10:50 CST.
Prices in Canadian dollars per metric tonne at 10:50 CST:
Price Change
Canola Mar 478.00 dn 3.50
May 486.90 dn 3.40
Jul 492.30 dn 3.10
Nov 495.00 dn 2.30
