Glacier FarmMedia — ICE Futures canola contracts were weaker at midday Wednesday in heavy volumes, correcting off nearby highs.
- Chart-based positioning was a feature, as the March contract ran into technical resistance at its 200-day moving average around C$667 per tonne on Tuesday.
- Losses in Chicago soybeans and soyoil accounted for some additional spillover selling pressure. Relatively favourable South American growing conditions and expectations for large crops out of the continent weighed on the Chicago futures.
- Malaysian palm oil and European rapeseed futures were also mostly lower, although crude oil was firmer on the day.
- The Canadian dollar was slightly softer on the day but remained near its highs of the past year relative to its United States counterpart. The strong currency cuts into crush margins and makes exports less attractive for international buyers.
- An estimated 84,100 canola contracts traded as of 10:19 CST.
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ICE canola weaker Wednesday morning
Glacier FarmMedia — ICE canola futures were weaker Wednesday morning, seeing a modest correction off the two-and-a-half month highs…
Prices in Canadian dollars per metric tonne at 10:19 CST:
Canola Mar 661.00 dn 6.30
May 672.40 dn 5.60
Jul 680.70 dn 4.50
Nov 673.10 dn 2.10
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