WINNIPEG, July 4 (MarketsFarm) – ICE Futures canola contracts were sharply weaker at midday Monday, as the market repositioned itself relative to other vegetable oils after the Canada Day holiday.
The Chicago soyoil complex fell sharply on Friday when Canadian markets were closed. Markets in the United States are closed Monday for Independence Day, while European rapeseed and Malaysian palm oil futures were both posting losses.
Chart-based selling was a feature, as speculators have liquidated most of their long positions in canola and are thought to be moving to the short side of the market.
A lack of significant nearby weather worries across the Canadian Prairies contributed to the weakness in canola.
Statistics Canada releases updated acreage estimates on Tuesday, July 5, with some pre-report positioning expected.
About 8,700 canola contracts traded as of 10:30 CDT.
Prices in Canadian dollars per metric tonne at 10:30 CDT:
Canola Jul 913.00 unchanged
Nov 835.00 dn 43.50
Jan 842.00 dn 44.50
Mar 849.40 dn 45.00
