Glacier FarmMedia MarketsFarm – The ICE Futures canola market did not sustain a rally on Wednesday due to mixed to negative sentiment in comparable oils.
European rapeseed was positive, but Chicago soyoil was lower and Malaysian palm oil was mixed. Crude oil was also on both sides of unchanged.
The Canadian dollar was down one-quarter of a United States cent compared to Tuesday’s close.
One analyst said canola’s weakness stemmed from selling in the vegetable oil complex. Another remarked that there is currently nothing to suggest a bottom in canola prices would be imminent.
About 23,300 contracts have traded at 10:23 CST. Prices in Canadian dollars per metric tonne:
Price Change
Mar 574.50 dn 2.60
May 590.70 dn 0.40
Jul 598.40 dn 0.20
Nov 604.80 dn 0.50
