By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market was posting small losses in most contracts Thursday morning. An overnight attempt at moving higher ran into chart resistance as the market continued to consolidate just above contract lows.
Chicago soyoil and European rapeseed futures were both weaker on the day, accounting for some spillover pressure.
Farmer selling above the market and a lack of significant end user buying interest on the other side also weighed on values.
Malaysian palm oil was stronger in overnight activity, hitting its highest levels of the past month and providing some support to the world vegetable oil markets.
About 12,500 canola contracts had traded as of 8:47 CST.
Prices in Canadian dollars per metric ton at 8:47 CST:
Canola Mar 572.50 dn 4.70
May 589.70 dn 1.30
Jul 597.50 dn 0.70
Nov 603.80 dn 1.20
