By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market hit fresh contract lows in overnight trade but managed to uncover some support to the downside and turned higher.
Bearish chart signals and speculators adding to large net short positions continued to overhang the market. However, the market was also looking oversold and values managed to move off their session lows.
Declines in Chicago soybeans accounted for some spillover selling in canola, with European rapeseed also down on the day.
On the other side, soyoil and Malaysian palm oil were stronger on the day, while a weaker tone in the Canadian dollar also provided some support.
About 15,300 canola contracts had traded as of 8:58 CST.
Prices in Canadian dollars per metric ton at 8:58 CST:
Canola Mar 592.70 up 0.60
May 598.70 up 0.10
Jul 603.10 up 0.50
Nov 603.10 up 0.60
