ICE canola correcting lower Wednesday morning

Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was lower Wednesday morning, taking back some of Tuesday’s gains.

The largest losses were in the old crop July contract, as the old/new crop spread narrowed in.

Losses in Chicago soybeans accounted for some spillover selling pressure, with European rapeseed also down on the day. Chicago soyoil and Malaysian palm oil were trading near unchanged.

Tightening supplies and the need to ration demand remained somewhat supportive on the other side. Meanwhile, mounting dryness concerns in parts of Western Canada helped underpin the new crop months.

About 10,300 canola contracts had traded as of 8:45 CDT.

Prices in Canadian dollars per metric ton at 8:50 CDT:

Canola            Jul   725.80    dn  6.40

Nov   693.00    dn  1.30

Jan   698.50    dn  1.50

Mar   704.60    dn  0.40