ICE canola correcting lower Wednesday morning

Glacier FarmMedia — ICE canola futures were weaker Wednesday morning, backing away from nearby highs as speculators booked profits.

Losses in the Chicago soy complex accounted for some spillover selling pressure, with European rapeseed and Malaysian palm oil futures also lower on the day.

A lack of significant export demand contributed to the declines, as China remains absent from the canola market.

However, wide crush margins kept domestic processors showing some demand on a scale-down basis, while farmers were also thought to be reluctant sellers on any moves lower.

About 21,700 canola contracts had traded as of 8:48 CST.

Prices in Canadian dollars per metric tonne at 8:48 CST:

Canola            Jan   648.00    dn  8.40

                  Mar   660.50    dn  8.10

                  May   670.50    dn  7.70

                  Jul   676.50    dn  6.90

Access the latest futures prices at https://www.producer.com/markets-futures-prices/