By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Nov. 24 (MarketsFarm) – The ICE Futures canola market was weaker at midday Friday, seeing a continuation of Thursday’s selloff as activity resumed in the United States markets after the Thanksgiving holiday.
Chicago soyoil futures were posting large losses, with European rapeseed and Malaysian palm oil futures also down in overnight trade.
A firmer tone in the Canadian dollar, which was up by roughly half a cent relative to its U.S. counterpart was another bearish influence.
January canola fell below the psychological C$700 per tonne level and most major moving averages on Thursday, with speculators keeping to the sell side on Friday.
A lack of significant farmer selling provided some underlying support, with talk of increased export demand at these lows also supportive.
An estimated 15,600 canola contracts traded as of 10:55 CST.
Prices in Canadian dollars per metric tonne at 10:55 CST:
Canola Jan 693.60 dn 3.10
Mar 697.50 dn 3.80
May 701.10 dn 4.10
Jul 704.50 dn 3.70
