Glacier FarmMedia — ICE Futures canola contracts were weaker at midday Friday, as falling below nearby technical support to start the New Year.
- The March contract fell below C$600 per tonne, which was bearish from a chart standpoint and encouraged additional speculative selling.
- Chicago soybeans, European rapeseed and Malaysian palm oil futures were all weaker, contributing to the softer tone in canola.
- Chicago soyoil was higher, providing underlying support to the Canadian oilseed.
- Large supplies and a lack of export demand from China continued to overhang the canola market.
- Domestic crusher demand and end-user bargain hunting provided support. Canola was also looking oversold by some chart measures and due for a correction.
- An estimated 15,700 canola contracts traded as of 10:30 CST. Activity was thin and choppy, with many participants still on the sidelines following the holidays.
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Prices in Canadian dollars per metric tonne at 10:30 CST:
Canola Mar 595.40 dn 7.00
May 606.70 dn 6.60
Jul 615.50 dn 5.90
Nov 620.90 dn 5.10
