By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 20 – (MarketsFarm) – ICE Futures canola contracts were sharply weaker at midday Monday, as declines in outside oilseed markets weighed on values.
Malaysian palm oil and European rapeseed futures were both down on the day, with last week’s selloff in crude oil bearish for vegetable oil in general.
Markets in the United States were closed in observance of Juneteenth and will be reopening for the evening session. The lack of direction from the soy market kept some caution in canola, although soybeans and soyoil are expected to come under pressure when trading resumes.
After posting losses for most of the previous week the technical trends are turning bearish for canola, which contributed to the selling pressure.
Showers are forecast to move through southern Alberta and Saskatchewan on Monday, with excessive heat in Manitoba likely to bring some thunderstorm activity.
About 10,800 canola contracts traded as of 10:52 CDT.
Prices in Canadian dollars per metric tonne at 10:52 CDT:
Canola Jul 1,028.30 dn 19.50
Nov 969.80 dn 30.50
Jan 976.20 dn 30.50
Mar 975.30 dn 36.60
