ICE canola down with soyoil Thursday morning

By Phil Franz-Warkentin

Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was weaker Thursday morning, taking some direction from Chicago soyoil.

European rapeseed was also down on the day, while Malaysian palm oil and other Asian markets remained closed for the Lunar New Year holiday.

The threat of the United States imposing tariffs on all Canadian imports as early as this Saturday continues to overhang the market, as the country is a major destination for Canadian canola oil.

However, canola found technical support to the downside, with the March contract holding above its 20-day moving average.

Tightening supply projections and the need to ration demand also underpinned the market.

About 11,600 canola contracts had traded as of 8:49 CST.

Prices in Canadian dollars per metric ton at 8:49 CST:

Canola            Mar   633.40    dn  3.20

May   642.20    dn  3.40

Jul   647.80    dn  3.50

Nov   638.10    dn  1.50