WINNIPEG, Manitoba--The ICE Futures canola market was slightly weaker Thursday morning, seeing a continuation of Wednesday's losses in early activity.
Weakness in Chicago soyoil and European rapeseed futures accounted for some spillover selling pressure in the Canadian oilseed. A firmer tone in the Canadian dollar also was bearish.
The March contract was testing the 20-day moving average on the charts, with speculative positioning behind some of the activity.
Declining production prospects for soybeans in Argentina remained a supportive influence on world oilseed markets.
About 13,300 canola contracts had traded as of 9:51 a.m. ET.
Prices in Canadian dollars per metric ton at 9:51 a.m. ET:
Canola Price Change Mar 824.50 dn 3.70 May 822.90 dn 3.90 Jul 822.80 dn 4.00 Nov 805.50 dn 4.00
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
02-09-23 1021ET
