ICE Canola Turns Lower, Paring Overnight Gains
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ICE Futures canola contracts declined at midday Thursday, retreating from overnight gains. The March contract fell below C$650 per ton, indicating bearish technical signals. Chicago soyoil's retreat contributed to selling pressure, despite supportive crude oil prices. Optimism over increased exports to China persists, although old crop supplies are burdensome. The Canadian dollar remained strong, impacting crush margins and export attractiveness. As of 11:41 EST, March canola was priced at C$648.40, down C$1.80.
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