By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 22 – (MarketsFarm) – ICE Futures canola contracts were sharply weaker at midday Wednesday, as speculators continued to bail out of long positions and bearish technical signals weighed on values.
Losses in outside vegetable oil markets contributed to the declines in canola, with Chicago soyoil, European rapeseed and Malaysian palm oil all falling lower.
A lack of significant weather concerns across the Prairies added to the bearish sentiment, with recent rains helping alleviate any dryness issues for the time being.
End user demand provided some support underneath the market.
About 19,200 canola contracts traded as of 10:45 CDT.
Prices in Canadian dollars per metric tonne at 10:45 CDT:
Canola Jul 965.00 dn 37.10
Nov 923.00 dn 30.90
Jan 928.60 dn 31.80
Mar 931.80 dn 33.80
