By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 6 (MarketsFarm) – The ICE Futures canola market was mostly lower Monday morning, although activity was thin and choppy.
Losses in Chicago soyoil accounted for some spillover selling pressure in the Canadian oilseed, with European rapeseed and Malaysian palm oil also weaker on the day.
Canola remains stuck in a sideways trading range from a chart standpoint, with the most-active May contract hovering around its 20-day moving average.
Crush margins remain wide, which should be keeping some end user buying interest in the market. A softer tone in the Canadian dollar to start the week was also supportive.
About 3,800 canola contracts had traded as of 8:48 CST.
Prices in Canadian dollars per metric ton at 8:48 CST:
Canola Mar 852.00 up 4.50
May 820.20 dn 2.30
Jul 815.70 dn 2.20
Nov 790.00 dn 1.30
