ICE canola weaker Wednesday morning

Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was weaker Wednesday morning, seeing some follow-through selling. Values continued to back away from nearby highs amid ideas the futures had become overbought.

Losses in the Chicago soy complex added to the softer tone in canola. European rapeseed and Malaysian palm oil were also lower.

However, tightening supplies and the need to ration demand remained supportive underneath the market, with the losses likely bringing in some end user bargain hunting.

About 10,200 canola contracts had traded as of 8:49 CDT.

Prices in Canadian dollars per metric ton at 8:49 CDT:

Canola            Jul   682.60    dn  4.40

Nov   645.20    dn  5.20

Jan   653.00    dn  5.70

Mar   660.20    dn  6.30