ICE Canola Weaker in Early Trading

WINNIPEG, Manitoba--ICE canola futures were weaker Monday morning, taking back some of Friday's gains.

Chart-based positioning was a feature, with speculators liquidating some of their large net long positions.

Chicago soyoil was narrowly mixed, although the bias was turning lower in the most active contracts. European rapeseed futures were firmer in early activity, while Malaysian palm oil held near unchanged.

Crude oil was underpinned by ongoing uncertainty over the war in the Middle East after U.S. President Trump dismissed Iran's latest peace proposal over the weekend.

Weather forecasts look relatively favorable for spring seeding across much of Western Canada. While rains in some areas may cause delays, the moisture should be welcomed overall.

About 15,200 canola contracts had traded as of 9:57 a.m. EDT.

Prices in Canadian dollars per metric tonne at 9:57 a.m. EDT:

 
           Price      Change 
Jul       745.30     dn 7.80 
Nov       751.00     dn 6.90 
Jan       758.60     dn 6.80 
Mar       763.60     dn 6.90 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

05-11-26 1021ET