By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures had returned to their downward trend at mid-session Wednesday after rallying yesterday.
“Back to the tank we go,” an analyst commented, noting prices were down even without any fresh bearish news.
He said the market will move into “a technical trading environment,” likely until the United States Department of Agriculture publishes its 2024 planting intentions on Mar. 28.
Pressure on canola was coming from declines in the Chicago soy complex, European rapeseed, and Malaysian palm oil. Modest upticks in global crude oil prices lent some support to the oilseeds.
The Canadian dollar was relatively steady late Wednesday morning with the loonie at 74.02 U.S. cents compared to Tuesday’s close of 73.98.
Approximately 25,900 canola contracts were traded as of 10:20 CST, with prices in Canadian dollars per metric tonne:
Price Change Canola Mar 579.70 dn 5.10 May 589.30 dn 4.10 Jul 598.50 dn 3.60 Nov 605.20 dn 2.40
