Farms.com Home   News

ICE Close: Canola Lower on Follow-Through Selling

Canola futures closed weaker on Thursday, seeing follow-through selling after Wednesday’s drop below chart support. 

Wednesday’s close below C$800/tonne in the nearby November contract was bearish from a technical standpoint, with the resulting speculative selling building on itself on Thursday. Losses in European rapeseed and Malaysian palm oil also weighed on canola, although a turn higher in Chicago soyoil provided some support. 

Seasonal harvest pressure and relatively favourable Prairie weather were also overhanging the market, while scale-down end-user demand on the other side tempered the declines. 

November canola lost $12.10 to $786.50, January dropped $13.20 to $793.20, and March fell $13.20 to $798.20. 

Click here to see more...

Trending Video

Season's Greetings from AFSC

Video: Season's Greetings from AFSC

AFSC is proud to walk side by side with producers and agribusiness owners, supporting you through the challenges and the wins. As we look back at this past year, we continue to be inspired by the unwavering determination and grit displayed by Alberta’s dedicated producers.