By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 2 (MarketsFarm) – The ICE Futures canola market was sharply weaker Monday morning, seeing a continuation of Friday’s selloff as prices continued to back away from the record highs hit last week.
Losses in crude oil weighed on world vegetable oil markets, with declines in Chicago soyoil and European rapeseed futures contributing to the weakness in canola.
The July contract briefly touched the 20-day moving average, but found some support there and managed to hold above that key chart point.
New crop November remains well above its own 20-day moving average.
The Canadian dollar was weaker in early activity, helping underpin canola.
About 7,300 canola contracts had traded as of 8:47 CDT.
Prices in Canadian dollars per metric ton at 8:47 CDT:
Price Change
Canola Jul 1,160.00 dn 28.10
Nov 1,073.30 dn 31.00
Jan 1,076.10 dn 30.90
Mar 1,079.20 dn 26.00
