ICE canola backing away from nearby highs to start week

By Phil Franz-Warkentin

Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was weaker Monday morning, seeing a profit-taking correction to start the week as values backed away from their nearby highs.

Losses in Chicago soyoil accounted for some spillover selling pressure on the canola market, with European rapeseed and Malaysian palm oil also down on the day.

Uncertainty over tariff threats from the United States remained a bearish influence overhanging the market. Meanwhile, tightening supplies and the need to ration demand kept values well supported.

About 12,300 canola contracts had traded as of 8:36 CST.

Prices in Canadian dollars per metric ton at 8:36 CST:

Canola            Mar   662.30    dn  5.50

May   673.60    dn  6.10

Jul   680.00    dn  6.30

Nov   660.60    dn  6.40