ICE Canola Weaker

WINNIPEG, Manitoba--ICE canola futures were weaker Wednesday morning, seeing a modest correction off the two-and-a-half month highs hit Tuesday.

Chart-based positioning was a feature, as the March contract ran into technical resistance at its 200-day moving average around C$667 per tonne.

Losses in Chicago soybeans accounted for some additional spillover selling pressure.

However, soyoil was firm while European rapeseed and Malaysian palm oil were narrowly mixed.

The Canadian dollar was slightly softer in early trade but remained near its highs of the past year relative to its U.S. counterpart. The strong currency cuts into crush margins and makes exports less attractive for international buyers.

About 37,800 canola contracts had traded as of 9:44 a.m. ET.

Prices in Canadian dollars per metric tonne at 9:44 a.m. ET:

Canola 
           Price      Change 
Mar       663.10     dn 4.20 
May       673.30     dn 4.70 
Jul       681.10     dn 4.10 
Nov       672.00     dn 3.20 
 

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

(END) Dow Jones Newswires

02-11-26 1017ET