By Glen Hallick
Glacier FarmMedia | MarketsFarm – Intercontinental Exchange canola futures were falling back on Wednesday morning, pulled down in part by profit-taking, a trader said.
The trader also pointed to the weakness in the Chicago soy complex weighing on canola values.
Also, declines in MATIF rapeseed and Malaysian palm oil were pressuring the Canadian oilseed. The vegetable oils were forced downward by losses in crude oil.
The January canola contract was still holding above its 20- and 50-day moving averages.
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Crush margins continued to expand with the January position adding about C$6 and just short of C$220 per tonne above the futures.
While a lack of export business to China remained hovering over the canola market, Canadian farmers have been reluctant sellers. The latter had commercials raising prices recently to entice growers to sell to meet current demand.
The Canadian dollar was weaker at mid-session Wednesday, with the loonie falling to 71.20 U.S. cents, compared to Tuesday’s close of 71.44.
Approximately 41,150 canola contracts were traded as of 10:38 am CST, with prices in Canadian dollars per metric tonne:
Canola Jan 649.80 dn 6.60
Mar 662.10 dn 6.50
May 672.30 dn 5.90
Jul 677.30 dn 6.10
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
