Glacier FarmMedia — ICE canola futures were weaker Wednesday morning, seeing a modest correction off the two-and-a-half month highs hit Tuesday.
- Chart-based positioning was a feature, as the March contract ran into technical resistance at its 200-day moving average around C$667 per tonne.
- Losses in Chicago soybeans accounted for some additional spillover selling pressure.
- However, soyoil was firm while European rapeseed and Malaysian palm oil were narrowly mixed.
- The Canadian dollar was slightly softer in early trade but remained near its highs of the past year relative to its United States counterpart. The strong currency cuts into crush margins and makes exports less attractive for international buyers.
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- About 37,800 canola contracts had traded as of 8:44 CST.
Prices in Canadian dollars per metric tonne at 8:44 CST:
Canola Mar 663.10 dn 4.20
May 673.30 dn 4.70
Jul 681.10 dn 4.10
Nov 672.00 dn 3.20
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