ICE canola correcting lower

By Phil Franz-Warkentin, MarketsFarm

WINNIPEG, Feb. 25 (MarketsFarm) – The ICE Futures canola market was weaker at midday Thursday, as speculative profit-taking weighed on values.

While the underlying fundamentals of tightening old crop supplies remain supportive, canola was looking overbought and due for a correction from a chart standpoint, according to participants.

Losses in the Chicago Board of Trade soy complex put spillover pressure on canola, with recent strength in the Canadian dollar another bearish influence.

The new crop contracts lagged the front months to the downside, with some demand being pushed into the deferred months.

About 25,500 canola contracts traded as of 10:33 CST.

Prices in Canadian dollars per metric tonne at 10:33 CST:

Price Change
Canola Mar 772.70 dn 28.00
May 746.50 dn 19.00
Jul 714.50 dn 17.90
Nov 601.20 dn 9.90

Futures Prices as of February 25, 2021

Canola
Price Change
Milling Wheat
1970-01-01 00:00
Price Change
Durum
1970-01-01 00:00
Price Change
New Barley
1970-01-01 00:00
Price Change

Prices are in Canadian dollars per metric ton

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