By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 25 – (MarketsFarm) – ICE Futures canola contracts were weaker at midday Wednesday, as losses in outside vegetable oil markets spilled over to weigh on values.
Malaysian palm oil, European rapeseed and Chicago soyoil were all lower on the day, with concerns over reduced Chinese demand for vegetable oil due to lockdowns in the country behind some of the selling pressure.
Chart signals contributed to the losses, with the nearby July contract dipping below the 20-day moving average.
Ongoing concerns over seeding delays across parts of the Canadian Prairies helped temper the declines, with dryness issues in other regions also supportive.
About 9,100 canola contracts traded as of 10:56 CDT.
Prices in Canadian dollars per metric tonne at 10:56 CDT:
Canola Jul 1,152.90 dn 33.00
Nov 1,047.40 dn 18.80
Jan 1,053.00 dn 19.20
Mar 1,059.10 dn 14.30
