By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market was weaker at midday Wednesday amid a lack of any fresh supportive news.
Reasonably comfortable supplies have left the canola market with little need for any independent strength, with the oilseed instead taking direction from outside markets, according to a broker.
While crude oil was slightly firmer on Wednesday, losses in Chicago soyoil, European rapeseed and Malaysian palm oil futures weighed on the canola market.
Bearish chart signals contributed to the declines, with the path of least resistance said to be still pointing lower for the time being.
Scale-down demand from domestic crushers remained supportive, with the crush pace running ahead of the year ago level.
An estimated 24,200 canola contracts traded as of 10:26 CST.
Prices in Canadian dollars per metric tonne at 10:26 CST:
Canola Jan 662.00 dn 1.30
Mar 669.10 dn 1.70
May 675.80 dn 1.70
Jul 681.10 dn 1.90
