Glacier FarmMedia — ICE canola futures were weaker Monday morning, as relatively favourable North American growing conditions and losses in outside markets weighed on values.
The Chicago soy complex was posting large losses as activity resumed after last Friday’s Independence Day holiday in the United States. European rapeseed was also lower, although Malaysian palm oil held closer to unchanged.
Chart-based speculative long liquidation contributed to the weakness in canola, with the November contract falling below its 20-day moving average.
About 12,600 canola contracts had traded as of 8:54 CDT.
Prices in Canadian dollars per metric ton at 8:54 CDT:
Canola Nov 703.50 dn 16.20
Jan 711.20 dn 16.20
Mar 717.50 dn 15.40
May 723.70 dn 13.90
