ICE canola continues lower to start week

By Phil Franz-Warkentin

Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was weaker at midday Monday, seeing a continuation of Friday’s downturn while taking some direction from the Chicago soy complex.

Malaysian palm oil and European rapeseed futures were also softer on the day.

Uncertainty ahead of United States tariffs set to come into effect on Tuesday kept some caution in the grain and oilseed markets.

The managed money net long position in canola hit a record large level in the latest weekly data, leaving the market open to profit-taking.

Tightening supply projections and the need to ration demand remained supportive, with the new crop contracts lagging to the downside.

An estimated 20,700 canola contracts traded as of 10:46 CST.

Prices in Canadian dollars per metric tonne at 10:46 CST:

Canola            May   648.20    dn  2.90

Jul   655.60    dn  2.50

Nov   640.70    dn  0.80

Jan   648.00    dn  0.20