By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Jan. 29 (MarketsFarm) – The ICE Futures canola market was weaker at midday Friday, as it continued to correct after posting 13-year highs earlier in the week.
“The traders that jammed canola up are now trying to get out without collapsing the market like a house of cards,” said a trader.
He added that there was a good chance the highs in canola were in for the time being, with a steady to softer tone likely to persist heading into the spring.
A firmer tone in the Canadian dollar also weighed on canola at midday, although gains in Chicago Board of Trade soybeans provided some underlying support.
Tightening supplies and the need to ration demand going forward also continued to underpin the market.
About 13,800 canola contracts traded as of 10:51 CST.
Prices in Canadian dollars per metric tonne at 10:51 CST:
Price Change
Canola Mar 682.20 dn 16.90
May 663.70 dn 7.00
Jul 641.10 dn 4.00
Nov 553.60 dn 4.50
