Glacier FarmMedia — ICE canola futures were weaker Wednesday morning, taking back Tuesday’s gains as losses in crude oil spilled into the oilseed markets.
- Claims by the Trump administration that progress was being made on ceasefire talks with Iran were enough to send crude oil values falling on Wednesday, despite a lack of confirmation from Iran.
- Chicago soyoil, European rapeseed and Malaysian palm oil futures were also lower, although soybeans held onto small gains.
- May canola dipped back below its 20-day moving average after closing above that key chart point on Tuesday. However, the contract remains well above most longer-range indicators.
- The Canadian dollar was softer Wednesday morning, underpinning crush margins which remain historically wide.
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ICE Canola Midday: Trying to hang on to gains
By Glen Hallick Glacier FarmMedia – Canola futures on the Intercontinental Exchange were posting small increases mid-session Wednesday, getting spillover…
- About 15,300 canola contracts had traded as of 8:34 CDT.
Prices in Canadian dollars per metric tonne at 8:34 CDT:
Canola May 717.00 dn 6.90
Jul 729.80 dn 7.30
Nov 722.90 dn 7.30
Jan 727.10 dn 7.70
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