By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market was posting small losses Wednesday morning, seeing a continuation of the chart-based selling pressure that weighed on values earlier in the week.
While chart-based positioning and ideas the recent losses were overdone had provided some support overnight, the path of least resistance remained pointed lower with a downturn in Chicago soyoil pulling canola lower as well.
European rapeseed and Malaysian palm oil futures were relatively steady in overnight trade.
Generally favourable Prairie growing conditions also weighed on values, although excessive heat in the forecasts could stress fields as canola enters the flowering stage across Western Canada.
About 13,800 canola contracts had traded as of 8:48 CDT.
Prices in Canadian dollars per metric ton at 8:48 CDT:
Canola Nov 630.10 dn 2.20
Jan 639.70 dn 1.90
Mar 647.80 dn 1.60
May 654.70 dn 1.00
