ICE Canola Weakens With Profit-Taking

WINNIPEG--The ICE Futures canola market was weaker Tuesday morning, retreating from overnight gains as speculative traders took profits on their large long positions.

A downturn in the Chicago Board of Trade soy complex contributed to the softer tone in canola, with soyoil retreating from its own overnight advances.

While Canada's tight supply situation remains supportive, there are ideas that the market is overpriced at current levels and due for a correction.

The Canadian dollar was slightly firmer in early activity, putting some additional pressure on canola.

About 3,500 canola contracts had traded as of 9:51 a.m. ET.

Prices in Canadian dollars per metric ton at 9:51 a.m. ET:

 
                          Price      Change 
Canola            Mar   1,025.00     dn  5.60 
                  May   1,000.60     dn  6.30 
                  Jul     949.00     dn  7.40 
                  Nov     784.00     dn  4.40 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

01-11-22 1023ET