ICE canola softer midday Monday

By Phil Franz-Warkentin

Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was weaker at midday Monday, taking some direction from outside vegetable oil markets.

Chicago soyoil and Malaysian palm oil futures were both lower to start the week, although European rapeseed was mixed.

The January canola contract dipped below its 20-day moving average, which was bearish from a chart standpoint. However, the market remained supported overall, holding in a sideways trading range.

Scale-down end user demand provided support, with ideas that Canadian canola supplies are tighter than the official estimates also underpinning values.

An estimated 21,300 canola contracts traded as of 10:35 CST.

Prices in Canadian dollars per metric tonne at 10:35 CST:

Canola            Jan   641.30    dn  5.40

Mar   655.00    dn  5.80

May   664.00    dn  5.90

Jul   668.00    dn  4.90