By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Sept. 15 (MarketsFarm) – The ICE Futures canola market was weaker Thursday morning, seeing some follow-through selling after Wednesday’s turn lower.
Bearish technical signals and seasonal harvest pressure weighed on the market, with the general chart trend pointed lower, according to participants.
Losses in outside markets also weighed on values, with Chicago soyoil, European rapeseed and Malaysian palm oil all down on the day.
Statistics Canada pegged the country’s 2022-23 canola production at 19.1 million tonnes in a report out Wednesday morning. That was down by about 400,000 tonnes from an earlier estimate, but in line with expectations and well above the 13.8 million tonne crop grown the previous year.
About 7,900 canola contracts had traded as of 8:42 CDT.
Prices in Canadian dollars per metric ton at 8:42 CDT:
Canola Nov 789.20 dn 8.50
Jan 797.00 dn 8.70
Mar 803.10 dn 9.30
May 805.20 dn 8.20
