By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market was weaker Wednesday morning, hitting fresh six-month lows as bearish technical signals had speculators adding to their large short positions.
Losses in Chicago soyoil futures contributed to the softer tone in canola, with European rapeseed and Malaysian palm oil also weaker on the day.
A firmer tone in the Canadian dollar also weighed on values.
However, canola was making attempts at correcting higher amid ideas the losses were looking overdone. Scale-down end user bargain hunting also provided some support.
About 12,600 canola contracts had traded as of 8:46 CST.
Prices in Canadian dollars per metric ton at 8:46 CST:
Canola Jan 662.00 dn 3.60
Mar 668.90 dn 4.20
May 676.00 dn 4.50
Jul 682.80 dn 3.50
