WINNIPEG, Manitoba--The ICE Futures canola market was weaker Thursday morning, with chart-based positioning a feature ahead of the release of the U.S. Department of Agriculture's monthly supply/demand report later in the day.
The USDA data will include updated ending stocks estimates and production numbers out of South America, with any surprises likely to set the tone for the markets ahead of the close.
July canola moved below both its 20- and 100-day moving averages, which was bearish from a chart standpoint.
Losses in Chicago soyoil accounted for some spillover selling pressure in canola. European rapeseed futures were also lower, while the Malaysian palm oil market remained closed for a holiday.
About 11,800 canola contracts had traded as of 9:47 a.m. EDT.
Prices in Canadian dollars per metric ton at 9:47 a.m. EDT:
Canola May 631.80 dn 7.00
Jul 642.80 dn 6.30
Nov 652.50 dn 6.20
Jan 659.00 dn 6.30
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
04-11-24 1023ET
