WINNIPEG, Manitoba--The ICE Futures canola market was weaker, taking back gains as chart-based positioning weighed on values.

The most-active July contract settled just above its 20- and 100-day moving averages on Friday but dropped below those support levels on Monday.

Losses in European rapeseed and Malaysian palm oil contributed to the selling pressure in canola. Chicago soybeans were also lower and soyoil traded near unchanged.

Forecasts calling for precipitation across dry areas of Western Canada over the next week were also bearish, according to an analyst.

The Canadian dollar was slightly firmer relative to its U.S. counterpart, but still down by roughly a cent over the past week, which remained somewhat supportive.

An estimated 39,200 canola contracts traded as of 11:42 a.m. EDT.

Prices in Canadian dollars per metric ton:


Contracts Prices Change 


   May        624.00  dn 10.70 
   Jul        634.80  dn 11.50 
   Nov        649.30  dn  7.70 
   Jan        656.00  dn  7.60

Source: MarketsFarm, news@marketsfarm.com


(END) Dow Jones Newswires

04-15-24 1232ET