Glacier FarmMedia — ICE Futures canola contracts continued their downward slide of the past week at midday Wednesday, lacking any fresh supportive news.
- Losses in the Chicago soy complex accounted for some spillover selling pressure in the Canadian oilseed. European rapeseed was also lower, although Malaysian palm oil and crude oil were higher.
- Chart-based selling contributed to the declines, with speculators adding to their short positions.
- Large supplies and a lack of export demand from China continued to overhang the canola market.
- The Canadian dollar was weaker relative to its United States counterpart at midday.
- 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 35,100 canola contracts traded as of 10:38 CST.
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Prices in Canadian dollars per metric tonne at 10:38 CST:
Canola Jan 594.90 dn 3.20
Mar 606.70 dn 4.60
May 618.60 dn 4.60
Jul 626.60 dn 5.40
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