ICE Close: Old-Crop Months Lower

Canola futures dropped back in the old-crop months on Wednesday, while new-crop November had a modest increase.

A sharp drop in European rapeseed combined with profit taking weighed on canola values. Meanwhile gains in Malaysian palm oil and a positive turnaround in the Chicago soy complex provided support. Increases in global crude oil prices lent support to edible oils. An analyst commented the short-, medium- and long-term trends in canola all remain pointed higher.

At mid-afternoon, the Canadian dollar was stronger and putting pressure on canola.

March canola fell $13.40 to $1,014.70, May was down $7.80 at $991.80 and new-crop November added $7.30 to $800.

Source: DePutter Publishing Ltd.

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