By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Nov. 19 (MarketsFarm) – The ICE Futures canola market was weaker Friday morning, continuing to consolidate just below nearby highs. Losses in crude oil were bearish for the vegetable oil markets in general, including canola.
A softer tone in Chicago Board of Trade soyoil put some spillover pressure on the Canadian oilseed, with European rapeseed also lower. Malaysian palm oil had set fresh contract highs overnight, before backing away to post small losses. CBOT soybeans were edging higher Friday morning.
Canada’s tight supply situation remained a supportive influence, although prices may be high enough to ration demand with canola looking expensive at current levels.
About 7,800 canola contracts had traded as of 8:43 CST.
Prices in Canadian dollars per metric ton at 8:43 CST:
Price Change
Canola Jan 1,010.70 dn 3.10
Mar 986.90 dn 4.50
May 952.00 dn 8.00
Jul 909.10 dn 13.00
