Glacier FarmMedia — ICE canola futures were weaker Wednesday morning, taking back some of Tuesday’s gains as speculative profit-taking weighed on values.
Losses in the Chicago soy complex accounted for some spillover selling pressure. Malaysian palm oil was also lower in overnight trade, while European rapeseed was mixed.
World leaders, including Canadian Prime Minister Mark Carney, are meeting at the Asia-Pacific Economic Co-Operation (APEC) Summit in South Korea this week, with any movement on trade negotiations likely to influence the agricultural futures markets.
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By Glen Hallick Glacier FarmMedia | MarketsFarm – Canola futures on the Intercontinental Exchange continued climb higher by late Wednesday…
The January canola contract remained in a sideways trading range from a chart standpoint, backing away from its 50-day moving average.
About 11,100 canola contracts had traded as of 8:56 CDT.
Prices in Canadian dollars per metric tonne at 8:56 CDT:
Canola Nov 623.20 dn 1.50
Jan 637.50 dn 1.30
Mar 649.10 dn 1.40
May 659.10 dn 2.00
Access the latest futures prices at https://www.producer.com/markets-futures-prices/
