By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market was posting small gains at midday Wednesday, attempting to stabilize after dropping sharply lower earlier in the week.
After losing over C$20 per tonne in the span of two days, values were looking oversold and in need of correction, according to an analyst. Strength in the Chicago soy market and recent weakness in the Canadian dollar was also supportive.
However, a lack of significant export demand remained a bearish influence in the background, with beneficial moisture in parts of Western Canada also weighing on values.
European rapeseed and Malaysian palm oil futures were both lower on the day, which also pressured the Canadian oilseed.
An estimated 39,000 canola contracts traded as of 10:37 CDT.
Prices in Canadian dollars per metric tonne at 10:37 CDT:
Canola May 612.80 up 0.30
Jul 625.20 up 1.70
Nov 642.40 up 2.40
Jan 650.00 up 2.00
