By Phil Franz-Warkentin
Glacier Farm Media MarketsFarm – The ICE Futures canola market was weaker at midday Monday, taking back Friday’s gains as chart-based positioning weighed on values.
The most-active July contract settled just above its 20- and 100-day moving averages on Friday but dropped below those support levels to start the week. Losses in European rapeseed and Malaysian palm oil contributed to the selling pressure in canola, with Chicago soybeans also lower and soyoil trading near unchanged.
Forecasts calling for welcome precipitation across dry areas of Western Canada over the next week were also bearish, according to an analyst.
The Canadian dollar was slightly firmer relative to its United States counterpart at midday, but was still down by roughly a cent over the past week which remained somewhat supportive.
An estimated 39,200 canola contracts traded as of 10:42 CDT.
Prices in Canadian dollars per metric tonne at 10:42 CDT:
Canola May 624.00 dn 10.70
Jul 634.80 dn 11.50
Nov 649.30 dn 7.70
Jan 656.00 dn 7.60
