Glacier FarmMedia — ICE canola futures were weaker Wednesday morning, taking back Tuesday’s gains with losses in outside markets accounting for some of the spillover selling pressure.
Chicago soyoil and European rapeseed futures were lower, although Malaysian palm oil hit three-month highs overnight before running into resistance.
Chart-based positioning was a feature, with the November contract falling back below the psychological C$700 per tonne level to test support at the 50-day moving average.
Dryness concerns in parts of the Prairies provided some support, helping temper the declines. Tight old crop supplies and a softer tone in the Canadian dollar also underpinned the futures.
About 10,600 canola contracts had traded as of 8:47 CDT.
Prices in Canadian dollars per metric ton at 8:47 CDT:
Canola Nov 693.30 dn 10.80
Jan 701.30 dn 11.10
Mar 708.40 dn 9.90
May 712.40 dn 10.80
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
