By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 9 (MarketsFarm) – The ICE Futures canola market was weaker Thursday morning, seeing a continuation of its downtrend of the past week.
Chart-based speculative selling was a feature as the most-active May contract nears the psychological C$800 per tonne level.
Losses in European rapeseed futures also weighed on values, although Chicago soyoil and Malaysian palm oil were both firmer on the day.
The Canadian dollar was showing some modest strength, after falling sharply relative to its United States counterpart earlier in the week.
About 8,600 canola contracts had traded as of 8:46 CST.
Prices in Canadian dollars per metric ton at 8:46 CST:
Canola May 803.70 dn 4.40
Jul 799.20 dn 5.20
Nov 773.50 dn 6.30
Jan 778.20 dn 6.50
