Glacier FarmMedia — ICE canola futures were weaker Wednesday morning, taking back Tuesday’s gains to post new five-month lows before uncovering some support.
Losses in outside markets contributed to the softer tone in canola, with Chicago soyoil, European rapeseed and Malaysian palm oil all lower.
Expectations for a large canola crop coupled with concerns over Chinese demand continued to overhang the market as well.
However, oversold price sentiment and bargain hunting at the lows provided some support.
About 10,900 canola contracts had traded as of 8:42 CDT.
Prices in Canadian dollars per metric tonne at 8:42 CDT:
Canola Nov 622.00 dn 8.30
Jan 633.60 dn 8.70
Mar 644.50 dn 8.50
May 654.00 dn 8.60
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
