WINNIPEG, Manitoba--The ICE Futures canola market fell to fresh contract lows on Thursday, continuing to lack any supportive news.

Losses in Chicago soyoil and a firmer tone in the Canadian dollar contributed to the declines, with speculators thought to be adding to their large short positions. Malaysian palm oil was also weaker on the day, although European rapeseed was slightly firmer.

While scale-down end user buying likely provided some support, export demand continues to run well behind the year-ago level with the market trending lower in an effort to uncover more demand.

Ideas the market was becoming oversold according to some technical indicators helped temper the declines as well.

An estimated 43,800 canola contracts traded as of 11:43 EST.

Prices in Canadian dollars per metric ton at 11:43 EST: 


Canola 
        Price    Change 
Mar     573.00   dn 7.80 
May     582.60   dn 6.80 
Jul     592.10   dn 5.70 
Nov     597.40   dn 4.90

Source: Commodity News Service Canada, news@marketsfarm.com


(END) Dow Jones Newswires

02-15-24 1215ET