By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Nov. 21 (MarketsFarm) – ICE Futures canola contracts were sharply weaker at midday Monday, seeing a continuation of last week’s declines as losses in outside markets weighed on values.
Renewed COVID-19 restrictions in China weighed heavily on crude oil, with that selling pressure spilling into the canola market as well.
Chicago soyoil and European rapeseed futures were both lower, although Malaysian palm oil held near unchanged.
Weakness in the Canadian dollar provided some underlying support for canola, with wide crush margins likely keeping some solid end user demand underneath the market.
About 12,500 canola contracts traded as of 10:27 CST.
Prices in Canadian dollars per metric tonne at 10:27 CST:
Canola Jan 841.00 dn 16.10
Mar 831.40 dn 15.60
May 833.40 dn 16.10
Jul 836.60 dn 16.90
