WINNIPEG, Manitoba--The ICE Futures canola market was sharply lower at midday Thursday, as losses in Chicago soyoil spilled over to weigh on prices.

European rapeseed was also weaker, while the Malaysian palm oil market was closed for a holiday. Chart-based speculative selling contributed to the declines in canola, as the March contract fell below its 20-day moving average.

A lack of significant end user demand on the other side was another bearish influence, although some bargain hunting was likely coming forward on a scale-down basis.

An estimated 22,400 canola contracts traded as of 11:56 EST.

Prices in Canadian dollars per metric tonne at 11:56 EST: 


Canola 
         Price    Change 
Mar      627.10   dn 7.20 
May      632.30   dn 6.80 
Jul      636.10   dn 6.60 
Nov      633.40   dn 7.20

Source: Commodity News Service Canada, news@marketsfarm.com


(END) Dow Jones Newswires

01-25-24 1226ET