By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 15 (MarketsFarm) – The ICE Futures canola market was weaker at midday Wednesday, moving lower for the ninth session in a row as bearish technical signals and spillover from outside markets weighed on values.
Chicago soyoil, European rapeseed and Malaysian palm oil were all weaker, with losses in crude oil and broad global economic uncertainty behind some of the selling pressure.
However, ideas canola was looking oversold provided some support, with prices well off their session lows by midday.
Weakness in the Canadian dollar also helped temper the declines, as the softer currency was helping keep crush margins wide.
About 30,000 canola contracts traded as of 10:38 CDT.
Prices in Canadian dollars per metric tonne at 10:38 CDT:
Canola May 753.60 dn 4.00
Jul 750.80 dn 4.30
Nov 732.00 dn 3.90
Jan 738.00 dn 2.60
