Glacier FarmMedia — ICE Futures canola contracts fell to fresh nine-month lows on Thursday, lacking any supportive news to slow the slide.
- The “momentum” remains pointed lower in canola, said an analyst, accounting for the general weakness in the market as traders move to the sidelines ahead of the holidays.
- Much of the activity was tied to inter-month spreading, as traders exit the front month ahead of its expiry.
- Losses in the Chicago soy complex weighed on values, with European rapeseed also lower. Malaysian palm oil held closer to unchanged.
- Large supplies and a lack of export demand from China continued to overhang the canola market.
- Scale down domestic crusher demand and end-user bargain hunting provided support. Canola was also looking oversold by some chart measures and due for a correction.
- An estimated 42,900 canola contracts traded as of 10:51 CST.
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Prices in Canadian dollars per metric tonne at 10:51 CST:
Canola Jan 592.20 dn 4.50
Mar 603.90 dn 4.60
May 615.80 dn 4.70
Jul 624.20 dn 5.00
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