By Phil Franz-Warkentin
Glacier FarmMedia | MarketsFarm — The ICE Futures canola market continued its downward slide at midday Friday, hitting fresh two-month lows as losses in outside markets weighed on values.
Chicago soyoil, European rapeseed and Malaysian palm oil futures were all lower, leaving canola hard-pressed to find any independent strength.
Bearish technical signals contributed to the declines, as speculators were thought to be back adding to their large net short positions.
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However, the underlying fundamentals remain supportive for canola and scale-down end user demand helped temper the declines. Weekly Canadian canola exports of 189,500 tonnes were down 28 per cent from the previous week, although crop year-to-date movement at 3.6 million tonnes was roughly double last year’s level.
An estimated 35,500 canola contracts traded as of 10:48 CST.
Prices in Canadian dollars per metric tonne at 10:48 CST:
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Canola Jan 590.20 dn 4.80
Mar 603.60 dn 4.60
May 612.50 dn 5.40
Jul 617.20 dn 5.20
