By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market was weaker at midday Monday, seeing follow-through selling after Friday’s sharp declines.
Speculative selling was a feature, according to an analyst who expected fund traders were back in the market putting on fresh short positions.
The November contract fell below its 20-day moving average but managed to uncover some support around C$630 per tonne.
Relatively favourable North American weather conditions were also bearish, with sharp losses in the Chicago soy complex putting additional spillover pressure on canola. European rapeseed was also weaker, although Malaysian palm oil was steadier in overnight activity.
An estimated 38,800 canola contracts traded as of 10:41 CDT.
Prices in Canadian dollars per metric tonne at 10:41 CDT:
Canola Nov 634.50 dn 12.00
Jan 643.10 dn 11.00
Mar 649.70 dn 10.20
May 654.00 dn 8.10
