By Phil Franz-Warkentin
Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was weaker at midday Monday, retreating from overnight gains as losses in Chicago soyoil spilled over to weigh on values.
Speculative short covering and end user bargain hunting had supported canola overnight, but the futures ran into resistance and turned lower. Declines in crude oil weighed on world vegetable oil markets, with European rapeseed and Malaysian palm oil also softer on the day.
However, the underlying fundamentals remain supportive for canola, with tightening supply projections helping temper the declines. Ideas that the losses were looking overdone were also supportive, and canola was holding above last week’s lows at midday.
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An estimated 28,700 canola contracts traded as of 10:38 CST.
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Prices in Canadian dollars per metric tonne at 10:38 CST:
Canola Jan 591.60 dn 0.60
Mar 604.60 dn 0.90
May 612.30 dn 2.20
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Jul 616.30 dn 1.80
