ICE Canola Midday: Sell-off presses on
Nov. canola below its moving averages
By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were pulling back at midsession Wednesday, largely due to a sell-off in oilseeds.
“There’s no really big news, it’s just sell, sell, sell,” an analyst commented.
Canola was feeling pressure from losses in European rapeseed and Malaysian palm oil. There were also declines in Chicago soybeans and soymeal, but soyoil was relatively steady. Small upticks in crude oil helped to temper the downturn.
November canola fell below all of its major moving averages, which weighed on the oilseed’s values.
Canola crush margins turned lower with the November positions down C$9 to C$10, consolidating at about C$140 per tonne above the futures.
Intense heat continued across most of the Prairies, with scattered thunderstorms in the forecast.
Manitoba reported its canola was in the rosette stage to flowering, with spraying for sclerotinia underway.
The Canadian dollar was relatively steady at late Wednesday morning, with the loonie at 73.35 U.S. cents compared to Tuesday’s close of 73.32.
Approximately 22,950 canola contracts were traded as of 10:28 am CDT, with prices in Canadian dollars per metric tonne:
Price Change Canola Nov 624.60 dn 7.70 Jan 634.10 dn 7.50 Mar 642.70 dn 6.70 May 649.40 dn 6.30
