By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Sept. 7 (MarketsFarm) – The ICE Futures canola market was weaker Thursday morning, as bearish chart signals and seasonal harvest pressure continued to weigh on values.
Losses in outside markets, including Chicago soyoil and Malaysian palm oil futures, added to the softer tone in canola. However, European rapeseed was holding onto gains in most months.
Statistics Canada is set to release its data on 2022/23 (Aug/Jul) ending stocks on Friday, with updated production numbers out on Sept. 14.
The Canadian dollar was holding steady in early trade, providing little direction.
About 8,600 canola contracts had traded as of 8:45 CDT.
Prices in Canadian dollars per metric ton at 8:45 CDT:
Canola Nov 788.20 dn 7.00
Jan 795.70 dn 6.90
Mar 798.80 dn 7.20
May 800.50 dn 6.00
