By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Nov. 16 (MarketsFarm) – The ICE Futures canola market was weaker Thursday morning, seeing a modest correction after posting solid gains earlier in the week.
The January contract traded above its 50-day moving average for the first time in two months on Wednesday, but values were backing away from that level as traders took profits on Thursday.
Losses in Chicago soyoil and soybeans accounted for some spillover selling pressure in the Canadian oilseed. European rapeseed and Malaysian palm oil futures were also down on the day.
Weakness in the Canadian dollar provided some underlying support.
About 6,400 canola contracts had traded as of 8:48 CST.
Prices in Canadian dollars per metric ton at 8:48 CST:
Canola Jan 711.80 dn 7.70
Mar 716.70 dn 8.40
May 719.70 dn 8.80
Jul 723.20 dn 8.20
