WINNIPEG, Dec. 8 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were weaker on Wednesday morning, following the downturn in edible oils.
Chicago soyoil was down sharply with more moderate declines in Malaysian palm oil and European rapeseed.
While tight supplies continued to underpin canola values, there are concerns that the Canadian oilseed was overbought. Rolling out of the January contract was a feature in trading.
The United States Department of Agriculture is scheduled to release its monthly supply and demand estimates tomorrow. Positioning ahead of the report will figure in the U.S. markets, with spillover affecting canola.
The Canadian dollar was higher this morning, with the loonie at 79.24 U.S. cents compared to Tuesday’s close of 78.99.
About 6,400 canola contracts had traded as of 8:34 CST.
Prices in Canadian dollars per metric tonne at 8:34 CST:
Price Change
Canola Jan 1,008.20 dn 15.40
Mar 978.00 dn 15.70
May 941.70 dn 16.70
Jul 893.70 dn 17.20
