By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market was sharply lower at midday Thursday, as losses in Chicago soyoil spilled over to weigh on prices.
European rapeseed was also weaker, while the Malaysian palm oil market was closed for a holiday. Chart-based speculative selling contributed to the declines in canola, as the March contract fell below its 20-day moving average.
A lack of significant end user demand on the other side was another bearish influence, although some bargain hunting was likely coming forward on a scale-down basis.
An estimated 22,400 canola contracts traded as of 10:56 CST.
Prices in Canadian dollars per metric tonne at 10:56 CST:
Canola Mar 627.10 dn 7.20
May 632.30 dn 6.80
Jul 636.10 dn 6.60
Nov 633.40 dn 7.20
