The ICE Futures canola market was posting large losses Thursday morning, seeing a continuation of Wednesday's selloff as speculators booked profits on their large long positions.

Losses in the Chicago Board of Trade soy complex and strength in the Canadian dollar contributed to the weakness in canola. Malaysian palm oil and Europe rapeseed futures were also lower.

Tight Canadian supplies remain a supportive influence in the background, but demand has already been curtailed considerably leaving the market open to a correction.

About 11,200 canola contracts had traded as of 9:49 ET.

Prices in Canadian dollars per metric ton at 9:49 ET: 


 
 
 
                          Price      Change 
 
Canola            Mar     993.10     dn 21.60 
 
                  May     972.10     dn 19.70 
 
                  Jul     931.50     dn 19.50 
 
                  Nov     787.00     dn 13.00

(END) Dow Jones Newswires

01-13-22 1020ET