Glacier FarmMedia — The ICE canola market was trading to both sides of unchanged in choppy activity Thursday morning, with the bias turning to the downside.
Losses in Chicago soyoil and soybeans accounted for some spillover selling pressure, while European rapeseed and Malaysian palm oil were both higher.
The canola harvest is in its final stages across Western Canada. Quality and yields were generally favourable, according to provincial reports.
The ongoing lack of export sales to China remained a bearish influence overhanging the market.
From a chart standpoint, the November contract briefly traded above its 20-day moving average before running into resistance.
About 10,500 canola contracts had traded as of 8:44 CDT.
Prices in Canadian dollars per metric tonne at 8:44 CDT:
Canola Nov 616.40 dn 0.60
Jan 630.30 dn 0.70
Mar 641.50 dn 0.90
May 651.50 dn 1.00
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
