By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Jan. 17 (MarketsFarm) – The ICE Futures canola market was weaker at midday Monday, although activity was thin and choppy with markets in the United States closed for Martin Luther King Jr. Day.
Damage was done from a chart standpoint last week, with the nearby March contract moving below some major moving averages.
Improving weather conditions for soybeans in South America, with some much needed rains in the forecast, were bearish for the oilseeds in general. While U.S. markets were closed, European rapeseed and Malaysian palm oil futures were both lower overnight.
Canada’s tight supply situation remained a supportive influence, although the need to ration demand is thought to be well priced into the market for the time being
The Canadian dollar was slightly firmer at midday.
About 3,400 canola contracts traded as of 10:44 CST.
Prices in Canadian dollars per metric tonne at 10:44 CST:
Price Change
Canola Mar 973.00 dn 9.90
May 959.90 dn 12.10
Jul 931.20 dn 14.20
Nov 793.20 dn 7.10
