By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Sept. 28 (MarketsFarm) – The ICE Futures canola market was weaker Thursday morning, taking back some of Wednesday’s gains.
The November contract climbed above the psychological C$720 per tonne level on Wednesday, but was retesting that chart point amid ideas the corrective bounce was overdone.
Losses in Chicago soyoil accounted for some spillover selling in the Canadian oilseed, with European rapeseed also down sharply in overnight activity. The Malaysian palm oil market was closed for a holiday.
Seasonal harvest pressure remained another bearish influence in canola, although a system was bringing rain to parts of Saskatchewan and western Manitoba on Thursday.
About 8,100 canola contracts had traded as of 8:49 CDT.
Prices in Canadian dollars per metric ton at 8:49 CDT:
Canola Nov 720.10 dn 6.00
Jan 728.40 dn 6.30
Mar 733.20 dn 6.80
May 736.50 dn 6.70
