By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 6 (MarketsFarm) – The ICE Futures canola market was weaker Thursday morning, taking back Wednesday’s gains as losses in outside markets spilled over to weigh on values.
The Chicago soy complex and European rapeseed futures were both posting sizeable declines, although Malaysian palm oil held closer to unchanged.
Chart-based speculative selling was a feature in canola, as prices backed away from nearby highs.
However, crush margins remain historically wide which should be keeping end users in the market. Ideas that canola production failed to live up to earlier projections were also somewhat supportive.
About 9,000 canola contracts had traded as of 8:44 CDT.
Prices in Canadian dollars per metric ton at 8:44 CDT:
Canola Nov 862.40 dn 11.00
Jan 870.20 dn 10.70
Mar 877.20 dn 10.50
May 877.60 dn 11.00
