Glacier FarmMedia — ICE canola futures were weaker Wednesday morning, backing away from nearby highs as speculators booked profits.
Losses in the Chicago soy complex accounted for some spillover selling pressure, with European rapeseed and Malaysian palm oil futures also lower on the day.
A lack of significant export demand contributed to the declines, as China remains absent from the canola market.
However, wide crush margins kept domestic processors showing some demand on a scale-down basis, while farmers were also thought to be reluctant sellers on any moves lower.
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By Glen Hallick, MarketsFarm Glacier FarmMedia MarketsFarm – Intercontinental Exchange canola futures fell back on Wednesday, getting pressured by profit-taking…
About 21,700 canola contracts had traded as of 8:48 CST.
Prices in Canadian dollars per metric tonne at 8:48 CST:
Canola Jan 648.00 dn 8.40
Mar 660.50 dn 8.10
May 670.50 dn 7.70
Jul 676.50 dn 6.90
Access the latest futures prices at https://www.producer.com/markets-futures-prices/
