Glacier FarmMedia | MarketsFarm – Canola futures on the Intercontinental Exchange halted their rally and suffered double-digit losses in the middle of trading on Thursday.
An analyst said canola could be undergoing a correction considering its large net-long position. Weakness in comparable oils and a stronger Canadian dollar also pressured prices.
Chicago soyoil and European rapeseed were down while Malaysian palm oil was up. Crude oil was also lower due to growing United States inventories and OPEC+’s planned output hike in August.
The loonie was up two-tenths of a U.S. cent compared to Wednesday’s close.
U.S. markets will be closed on Friday due to Independence Day which canola will trade its usual hours.
About 20,900 canola contracts have traded at 10:17 CDT. Prices in Canadian dollars per metric tonne:
Price Change
Nov 722.10 dn 12.40
Jan 730.10 dn 12.10
Mar 736.20 dn 11.80
May 741.90 dn 10.90
