ICE canola weakens at midday Wednesday

By Phil Franz-Warkentin

Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was weaker at midday Wednesday, taking back Tuesday’s gains as losses in outside markets weighed on values.

Sharp declines in crude oil spilled into world vegetable oil markets on Wednesday, with Chicago soyoil, European rapeseed and Malaysian palm oil all lower.

The temporary pause on tariff threats from the United States remained somewhat supportive, although the likelihood of continued chaos from the Trump administration kept some caution in all markets.

Solid end user demand and tightening supply projections provided underlying support for canola, with values also holding above most major moving averages from a chart standpoint.

An estimated 19,500 canola contracts traded as of 10:53 CST.

Prices in Canadian dollars per metric tonne at 10:53 CST:

Canola            Mar   637.60    dn  9.60

May   645.50    dn  9.00

Jul   650.50    dn  8.60

Nov   636.30    dn  6.70