ICE canola still pointed lower Thursday morning

By Phil Franz-Warkentin

Glacier FarmMedia MarketsFarm – The ICE Futures canola market remained pointed lower Thursday morning, as uncertainty over demand from China continued to weigh on values after the announcement earlier in the week that China was launching an anti-dumping investigation into Canadian canola.

Bearish technical signals contributed to the declines, although canola values were holding above the nearby lows hit Tuesday.

Chicago soybeans were also weaker in early trade, while soyoil was higher. European rapeseed and Malaysian palm oil were both posting small gains in most months.

About 13,800 canola contracts had traded as of 8:40 CDT.

Prices in Canadian dollars per metric ton at 8:40 CDT:

Canola            Nov   575.60    dn  4.10

Jan   587.50    dn  3.70

Mar   598.80    dn  2.80

May   607.20    dn  2.00