ICE canola falling at midday Thursday

Glacier FarmMedia — The ICE Futures canola market was weaker at midday Thursday, continuing its week-long pattern of moving up one day and down the next.

     Steep losses in the Chicago soy complex accounted for much of the spillover selling pressure in canola, with European rapeseed also down on the day. However, Malaysian palm oil was showing modest strength as it held above its recently hit four-month lows.

     The January canola contract fell below its 20- and 50-day moving averages, which was bearish from a chart standpoint. The ongoing lack of significant movement on trade talks with China also continued to overhang the market.

An estimated 17,200 canola contracts traded as of 10:30 CST.

Prices in Canadian dollars per metric tonne at 10:30 CST:

Canola            Jan   633.40    dn  7.00

                  Mar   645.00    dn  6.50

                  May   655.30    dn  6.00

                  Jul   662.50    dn  5.30

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