By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Sep. 14 – (MarketsFarm) – The ICE Futures canola market was weaker at midday Wednesday, retreating from earlier gains in choppy activity.
Losses in outside markets accounted for some spillover selling pressure in the Canadian oilseed, with Chicago soyoil, European rapeseed and Malaysian palm oil all down on the day.
Seasonal harvest pressure and bearish technical signals also weighed on values, with the earlier gains likely seen as a selling opportunity.
Statistics Canada pegged the country’s 2022-23 canola production at 19.1 million tonnes in a report out Wednesday morning. That was down from an earlier estimate of 19.5 million tonnes, but in line with trade expectations and still well above the 13.8 million tonnes grown the previous year.
About 19,300 canola contracts traded as of 10:36 CDT.
Prices in Canadian dollars per metric tonne at 10:36 CDT:
Canola Nov 792.80 dn 8.60
Jan 801.00 dn 8.40
Mar 807.70 dn 9.00
May 809.50 dn 8.40
