By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Sep. 8 – (MarketsFarm) – The ICE Futures canola market was weaker at midday Thursday, seeing follow-through selling after Wednesday’s declines.
Wednesday’s close below C$800 per tonne in the nearby November contract was bearish from a technical standpoint, with the next target to the downside now seen at C$750 per tonne, according to an analyst.
Global recessionary concerns were also weighing on the world commodity markets in general, with losses in Chicago soyoil, European rapeseed and Malaysian palm oil all contributing to the weaker tone in canola.
Seasonal harvest pressure and relatively favourable Prairie weather were also overhanging the market, with scale-down end-user demand on the other side providing some support.
About 27,300 canola contracts traded as of 10:28 CDT.
Prices in Canadian dollars per metric tonne at 10:28 CDT:
Canola Nov 770.90 dn 15.60
Jan 777.50 dn 15.70
Mar 783.10 dn 15.10
May 784.80 dn 13.80
