By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Nov. 8 (MarketsFarm) – The ICE Futures canola market was weaker at midday Monday, taking some direction from Chicago Board of Trade soyoil.
European rapeseed futures were also down overnight, although Malaysian palm oil was stronger.
Speculative long liquidation contributed to the declines in canola, as fund traders holding large net long positions booked profits.
However, tight supplies and solid demand underneath the market helped temper the declines.
The United States Department of Agriculture releases updated supply/demand estimates on Tuesday, and pre-report positioning is expected to be a feature in the North American agricultural markets ahead of the report.
About 8,600 canola contracts traded as of 10:47 CST.
Prices in Canadian dollars per metric tonne at 10:47 CST:
Price Change
Canola Jan 970.70 dn 3.20
Mar 947.30 dn 5.10
May 917.70 dn 5.00
Jul 877.90 dn 6.80
