Glacier FarmMedia MarketsFarm – The ICE Futures canola market was down by double-digits in the middle of trading on Wednesday due to weakness in comparable oils.
Chicago soyoil, European rapeseed and Malaysian palm oil were all lower. Crude oil was also down due to reports of growing United States stockpiles. However, tensions in the Middle East and impending supply cuts from OPEC+ lifted some of the pressure off of prices.
The Canadian dollar was down one-tenth of a U.S. cent compared to Tuesday’s close.
One trader said canola’s downturn could be the result of liquidating long positions and profit-taking. The trader also mentioned that canola’s next rally could be weather-related, most likely triggered by dry conditions on the Prairies.
About 32,400 contracts have traded at 10:25 CDT. Prices in Canadian dollars per metric tonne:
Price Change
May 626.40 dn 12.10
Jul 636.20 dn 11.80
Nov 644.40 dn 11.20
Jan 651.50 dn 11.50
