By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market was weaker Monday morning, retreating from overnight gains as losses in outside markets and chart-based positioning weighed on prices.
The November contract briefly traded above its 200-day moving average around C$661 per tonne in overnight activity before running into resistance.
Losses in Chicago soybeans and soyoil accounted for some of the spillover selling pressure in the market, with European rapeseed also lower. The Malaysian palm oil market was closed for a holiday.
A lack of major weather concerns for the new crop and large old crop supplies overhanging the market weighed on values, although forecasts calling for hot temperatures across much of the Prairies over the next week could stress fields.
About 17,000 canola contracts had traded as of 8:49 CDT.
Prices in Canadian dollars per metric ton at 8:49 CDT:
Canola Nov 654.30 dn 3.90
Jan 664.00 dn 4.50
Mar 671.60 dn 4.60
May 677.30 dn 4.30
