By Phil Franz-Warkentin
Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was falling for the third-straight session at midday Wednesday, testing major chart support.
The January contract dropped below C$600 per tonne, hitting its weakest level in two months. Losses in Chicago soyoil accounted for some spillover selling pressure, with European rapeseed and Malaysian palm oil also lower.
Farmers were generally on the sidelines waiting for a turn higher in the market, while end user demand has also backed away as they are thought to be well covered for the time being, according to participants.
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Expectations that Canada’s canola production ended up well below the 19 million tonnes currently forecast by Statistics Canada provided some support.
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An estimated 43,000 canola contracts traded as of 10:47 CST.
Prices in Canadian dollars per metric tonne at 10:47 CST:
Canola Jan 596.80 dn 20.30
Mar 610.30 dn 20.30
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May 620.20 dn 20.00
Jul 624.00 dn 19.80
