By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 13 (MarketsFarm) – The ICE Futures canola market was weaker at midday Monday, seeing a continuation of the selling pressure that weighed on values the previous week amid bearish technical signals.
Global economic uncertainty, following Friday’s collapse of the Silicon Valley Bank, kept some caution in financial markets to start the week, with that volatility spilling into the commodities as well.
The Canadian dollar was sharply stronger relative to its United States counterpart, which was bearish for canola.
Losses in Chicago soybeans and European rapeseed also weighed on values, although soyoil was holding near unchanged and crude oil was well off its overnight lows.
About 21,000 canola contracts traded as of 10:33 CDT.
Prices in Canadian dollars per metric tonne at 10:33 CDT:
Canola May 774.70 dn 3.10
Jul 771.70 dn 3.60
Nov 751.30 dn 4.50
Jan 756.00 dn 4.40
