By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 17 (MarketsFarm) – The ICE Futures canola market was weaker at midday Friday, as losses in outside markets spilled over to weigh on values.
Chicago soyoil, European rapeseed and Malaysian palm oil futures were all lower, with continued weakness in crude oil weighing on world vegetable oil markets.
However, canola was well off its session lows by midday, with the charts showing signs of establishing a bottom.
Weekly Canadian canola exports of 196,200 tonnes for the week ended March 12 were down slightly from the previous week. But year-to-date movement of 5.5 million tonnes remained well ahead of the 3.9 million tonnes exported by the same point the previous year, according to Canadian Grain Commission data.
The Canadian dollar was slightly softer at midday.
About 17,800 canola contracts traded as of 10:45 CDT.
Prices in Canadian dollars per metric tonne at 10:45 CDT:
Canola May 754.60 dn 1.20
Jul 748.00 dn 4.10
Nov 727.50 dn 7.20
Jan 731.70 dn 7.40
