WINNIPEG, Manitoba--The ICE Futures canola market was weaker Monday morning, seeing a modest correction to start the week after Friday's sharp gains.
Losses in Chicago soyoil futures accounted for some spillover selling pressure, with Malaysian palm oil and European rapeseed futures also posting losses.
The May contract was consolidating around its 100-day moving average after settling just above that key chart point on Friday. Support was holding to the downside, with May canola well above its 20-day moving average around C$634 per metric ton.
The Canadian dollar was slightly firmer in early activity.
About 12,700 canola contracts had traded as of 9:51 a.m. EDT.
Prices in Canadian dollars per metric ton at 9:51 a.m. EDT:
Price Change
Canola May 641.00 dn 2.10
Jul 649.50 dn 2.00
Nov 657.70 dn 2.00
Jan 664.90 dn 2.10
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
04-08-24 1023ET
