By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market was weaker once again Friday morning, continuing the downward slide of the past week as chart signals remained pointed lower.
The March contract was trading below all its major moving averages in early activity, nearing the contract low of C$624.90 per tonne hit on May 31, 2023.
Losses in Chicago soyoil and European rapeseed futures accounted for some spillover selling pressure in the Canadian oilseed. However, Malaysian palm oil was firmer in overnight trade.
Strength in crude oil also helped underpin world vegetable oil markets. Scale-down end user demand and ideas canola was looking overdone to the downside also provided some support.
Unionized workers of Viterra in Saskatchewan could walk off the job as early as this afternoon if an agreement is not reached.
About 7,200 canola contracts had traded as of 8:52 CST.
Prices in Canadian dollars per metric ton at 8:52 CST:
Canola Mar 627.90 dn 3.60
May 636.50 dn 2.90
Jul 642.70 dn 2.90
Nov 641.90 dn 3.10
