By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 23 (MarketsFarm) – The ICE Futures canola market was weaker Monday morning, testing fresh four-month lows as bearish technical signals weighed on values.
Losses in Chicago soybeans accounted for some spillover selling pressure, although soyoil was holding above unchanged in most months. European rapeseed was mixed, and Malaysian palm oil held narrowly rangebound.
Solid end user demand underneath the market helped temper the declines, with a softer tone in the Canadian dollar also supportive.
Workers on the St. Lawrence Seaway went on strike over the weekend, hindering grain movement through the trade corridor.
About 10,600 canola contracts had traded as of 8:51 CDT.
Prices in Canadian dollars per metric ton at 8:51 CDT:
Canola Nov 689.70 dn 4.70
Jan 699.00 dn 5.40
Mar 706.90 dn 6.00
May 712.00 dn 6.40
