By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 16 (MarketsFarm) – The ICE Futures canola market was weaker Thursday morning, posting losses for the 10th session in a row as the speculative selling pressure weighing on values showed no signs of subsiding.
Ongoing global economic uncertainty and resulting weakness in crude oil contributed to the declines in canola. Losses in outside markets, including Chicago soybeans and European rapeseed futures, also spilled over to weigh on canola. However, soyoil was holding near unchanged in early activity.
However, the canola market is looking oversold from a chart standpoint and due for a correction. Crush margins also remain historically wide, which should be keeping some end user demand in the market.
About 7,000 canola contracts had traded as of 8:38 CDT.
Prices in Canadian dollars per metric ton at 8:38 CDT:
Canola May 744.10 dn 6.90
Jul 741.30 dn 6.30
Nov 723.70 dn 5.70
Jan 728.40 dn 5.60
