By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market was weaker Tuesday morning, as sharp losses in outside vegetable oil markets spilled over to weigh on prices.
Chicago soyoil futures fell to fresh contract lows, hitting their weakest levels in three years as heavy deliveries against the May contract weighed on the market. Malaysian palm oil and European rapeseed futures were also lower in overnight trade.
Chart-based positioning contributed to the declines in canola, as values fell below several key moving averages.
The United States government is expected to make an announcement on sustainable aviation fuels later today that could influence vegetable oil markets, including canola.
About 13,200 canola contracts had traded as of 8:50 CDT.
Prices in Canadian dollars per metric ton at 8:50 CDT:
Canola May 616.30 unchanged
Jul 623.10 dn 9.90
Nov 639.60 dn 9.50
Jan 647.80 dn 9.30
