ICE canola continues lower Thursday morning

Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was weaker Thursday morning, seeing some follow-through selling after Wednesday’s downturn.

Losses in Chicago soybeans and soyoil added to the bearish tone, with European rapeseed and Malaysian palm oil also lower on the day.

The old crop July contract was testing its 20-day moving average to the downside, although the overall technical trend remains pointing higher.

Tightening supplies and the need to ration demand remained somewhat supportive. Mounting dryness concerns in parts of Western Canada also helped underpin the new crop months.

About 14,600 canola contracts had traded as of 8:44 CDT.

Prices in Canadian dollars per metric ton at 8:44 CDT:

Canola            Jul   708.60    dn  7.30

Nov   682.10    dn  4.20

Jan   688.60    dn  3.70

Mar   694.40    dn  3.10