ICE canola weaker at midday Monday

By Phil Franz-Warkentin

Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was weaker at midday Monday, seeing a continuation of Friday’s profit-taking correction.

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

However, the underlying fundamentals remain supportive, with solid end user demand underneath the market as canola remains relatively cheap compared to other oilseeds.

The most-active March contract was trading just above its 20-day moving average at midsession.

An estimated 53,500 canola contracts traded as of 10:54 CST.

Prices in Canadian dollars per metric tonne at 10:54 CST:

Canola            Jan   603.20    dn  9.30

                  Mar   612.20    dn 11.80

                  May   619.90    dn 11.50

                  Jul   622.30    dn 12.10