ICE canola consolidating after Tuesday’s selloff

By Phil Franz-Warkentin, MarketsFarm

WINNIPEG, Dec. 1 (MarketsFarm) – The ICE Futures canola market was mixed Wednesday morning, seeing some consolidation after Tuesday’s selloff.
Canola was said to be due for a profit-taking correction from a chart standpoint, which contributed to Tuesday’s sharp losses. However, the underlying fundamentals of tight supplies remain supportive.
Chicago Board of Trade soyoil and Malaysian palm oil futures were both higher overnight, while the European rapeseed market was mixed. However, soyoil had taken back most of its overnight gains as the day session got underway.
Statistics Canada releases updated production estimates on Dec. 3, with average trade guesses calling for a downward revision to the already small crop projection.
About 6,000 canola contracts had traded as of 8:47 CST.

Prices in Canadian dollars per metric ton at 8:47 CST:

Price Change
Canola Jan 986.00 dn 1.10
Mar 959.70 dn 0.30
May 921.30 dn 2.90
Jul 879.80 up 0.20

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