ICE canola posting losses Thursday morning

By Phil Franz-Warkentin

Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was posting small losses Thursday morning, taking back some of yesterday’s gains as the futures ran into chart resistance.

Overnight losses in Malaysian palm oil accounted for some spillover selling pressure, as the palm market hit its softest levels since October. European rapeseed was also softer on the day, while Chicago soyoil was firmer.

Canadian canola remains attractively priced compared to those outside markets, with tightening supply projections and the need to ration demand also supportive from a fundamental standpoint.

Markets in the United States will close early today due to a National Day of Mourning for former-President Jimmy Carter.

About 10,000 canola contracts had traded as of 8:44 CST.

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

Canola            Mar   627.00    dn  1.50

May   633.80    dn  1.60

Jul   636.40    dn  1.60

Nov   613.80    dn  0.40