WINNIPEG – The ICE Futures canola market was weaker on Thursday, in thin trade with markets in the United States closed for Thanksgiving.
Bearish technical signals contributed to the declines in canola, as the chart trends remain pointed lower for the time being.
However, canola is thought to be looking oversold as it nears the bottom edge of its months-long sideways range. Gains in European rapeseed and Malaysian palm oil futures were also supportive.
About 16,525 canola contracts traded on Thursday, which compares with Wednesday when 28,756 contracts changed hands. Spreading accounted for 9,644 of the contracts traded.
|Closing Prices: Nov. 24, 2022|
|MGEX Spring Wheat||Dec||957.75||0.00|
|KC Hard Red Wheat||Dec||930.25||0.00|
|Chicago Soft Wheat||Dec||793.50||0.00|
|CBOT Soybean Oil*||Dec||74.91||0.00|
|CBOT Soybean Meal*||Dec||409.70||0.00|
|*soyoil in cents/lb, soymeal in US$/T|