ICE Canola Futures Continue Lower

WINNIPEG, Manitoba--The ICE Futures canola market was weaker Wednesday morning, seeing some follow-through selling after Tuesday's retreat from nearby highs.

Tuesday's activity was bearish from a chart perspective, signalling that a top may be in for the time being.

Losses in Chicago soybeans and soyoil contributed to the early selling pressure in canola, with European rapeseed also down on the day. However, Malaysian palm oil held closer to unchanged.

Ideas that canola production failed to live up to earlier projections, as the harvest wraps up and anecdotal yield reports come in, were somewhat supportive with farmer deliveries on the light side and solid crush margins keeping end users in the market.

About 7,800 canola contracts had traded as of 9:40 EDT.

Prices in Canadian dollars per metric ton at 9:40 EDT:

Canola      Nov   859.50  dn 4.20 
            Jan   866.90  dn 5.00 
            Mar   873.40  dn 4.90 
            May   873.90  dn 5.50 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

10-05-22 1011ET