WINNIPEG – The ICE Futures canola market continued its downward slide on Wednesday, as bearish technical signals weighed on values.
Losses in crude oil added to the weakness in canola, with sharp declines in European rapeseed futures also weighing on prices. However, Chicago soyoil turned higher after early declines and provided some support.
Canola is looking oversold from a chart standpoint, with historically wide crush margins helping limit the losses.
Positioning ahead of the Thanksgiving holiday in the United States kept some caution in the market. U.S. markets will be closed Thursday and only open for reduced hours on Friday, while the canola market will trade its usual hours.
About 28,756 canola contracts traded on Wednesday, which compares with Tuesday when 28,409 contracts changed hands. Spreading accounted for 19,230 of the contracts traded.
|Closing Prices: Nov. 23, 2022|
|MGEX Spring Wheat||Dec||957.75||11.75|
|KC Hard Red Wheat||Dec||930.25||4.75|
|Chicago Soft Wheat||Dec||793.50||2.00|
|CBOT Soybean Oil*||Dec||74.91||1.07|
|CBOT Soybean Meal*||Dec||409.70||1.10|
|*soyoil in cents/lb, soymeal in US$/T|