By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 10 (MarketsFarm) – The ICE Futures canola market was weaker Friday morning, as bearish chart signals weighed heavily on values and speculators remained on the short side of the market.
Thursday’s break below C$800 per tonne in the May contract did damage from a technical standpoint, with the contract testing its next level of support of C$778.80 hit in September.
Losses in outside markets, including Chicago soyoil, European rapeseed and Malaysian palm oil futures added to the weaker tone in canola.
However, the market was starting to look oversold and was off its overnight lows in early trade. Wide crush margins and ideas canola remains attractively priced to end users also helped limit the losses.
About 14,700 canola contracts had traded as of 8:39 CST.
Prices in Canadian dollars per metric ton at 8:39 CST:
Canola May 779.50 dn 12.80
Jul 776.10 dn 12.50
Nov 755.10 dn 8.20
Jan 761.30 dn 6.80
