ICE Canola Downtrend Continues in Morning Trading

WINNIPEG, Manitoba--The ICE Futures canola market remained under pressure Thursday morning, posting small losses as bearish technical signals continued to weigh on values.

Losses in outside markets, including Chicago soyoil and European rapeseed futures, contributed to the downtrend in canola. However, Malaysian palm oil was showing some strength on the day.

End user demand underneath the market and ideas that canola was looking overdone to the downside helped temper the declines.

Unionized workers of Viterra in Saskatchewan have issued a strike notice and could walk off the job as early as Friday if an agreement is not reached. The Grain and General Services Union Locals 1 and 2 represent employees at the company's head office in Regina and at facilities across the province.

About 7,000 canola contracts had traded as of 9:44 a.m. EST.

Prices in Canadian dollars per metric ton at 9:44 a.m. EST:

 
              Price         Change 
Canola        Mar  637.60  dn 4.30 
              May  645.50  dn 4.30 
              Jul  650.70  dn 5.30 
              Mar  649.50  dn 6.00 
 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

01-04-24 1011ET