By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 1 (MarketsFarm) – The ICE Futures canola market was weaker Monday morning, seeing a continuation of the selling pressure that weighed on prices the previous week and testing chart support to the downside.
Losses in Chicago soyoil accounted for some spillover weakness in the Canadian oilseed. Many outside markets, including Malaysian palm oil and European rapeseed futures, were untraded Monday for May Day holidays.
Seeding operations are in their early stages in parts of Western Canada, with conditions relatively favourable.
The strike of 120,000 Canadian public service workers ended over the weekend after a tentative agreement was reached. However, the strike action continues for 35,000 Canada Revenue Agency workers.
About 6,500 canola contracts had traded as of 8:42 CDT.
Prices in Canadian dollars per metric ton at 8:42 CDT:
Canola           Jul  698.70   dn 4.70
Nov  678.00   dn 4.60
Jan  682.60   dn 6.70
Mar  687.10   dn 7.00
