By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market was weaker at midday Wednesday, taking back most of the gains posted earlier in the week as prices retreated in an attempt at bringing in more end user buying interest.
Increased farmer selling after the recent advances accounted for some of the weakness, with speculators holding large short positions another bearish influence.
Losses in Chicago soyoil and soybean futures also accounted for some of the spillover pressure in the Canadian oilseed. However, gains in Malaysian palm oil and European rapeseed futures provided some support.
An estimated 52,500 canola contracts traded as of 10:51 CST.
Prices in Canadian dollars per metric tonne at 10:51 CST:
Canola Mar 588.50 dn 7.00
May 595.80 dn 6.70
Jul 603.60 dn 5.40
Nov 607.60 dn 1.90
