By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market was trading to both sides of unchanged Wednesday morning, seeing some consolidation after correcting off contract lows earlier in the week.
Losses in Chicago soyoil put some spillover pressure on the Canadian oilseed, although soyoil moved off its overnight lows.
European rapeseed was lower in overnight trade, while Malaysian palm oil held onto small gains.
The May canola contract ran into chart resistance at the 20-day moving average on Tuesday and was showing a reluctance to move above that level again on Wednesday.
The Canadian dollar was weaker in early activity, providing some support.
About 12,800 canola contracts had traded as of 8:55 CST.
Prices in Canadian dollars per metric ton at 8:55 CST:
Canola Mar 574.70 dn 2.40
May 590.60 dn 0.50
Jul 598.10 dn 0.50
Nov 605.10 dn 0.20
