By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Jan. 23 (MarketsFarm) – The ICE Futures canola market was weaker at midday Monday, nearing the lower edge of its well-established trading range as speculative selling weighed on values.
The March contract has held in a range from roughly C$800 to C$900 per tonne for the past seven months, and was nearing major support to start the week.
Losses in the Chicago soy complex accounted for some spillover selling in the Canadian oilseed, with European rapeseed also down on the day. The Malaysian palm oil market was closed for the Lunar New Year with many other Asian markets also closed for the holiday.
Scale-down end user demand helped temper the losses in canola, as crush margins remain wide.
About 16,200 canola contracts traded as of 10:37 CST.
Prices in Canadian dollars per metric tonne at 10:37 CST:
Canola Mar 806.80 dn 6.10
May 805.90 dn 6.70
Jul 807.90 dn 7.10
Nov 790.20 dn 6.70
