ICE Canola Lower, Follows Outside Markets

WINNIPEG, Manitoba--The ICE Futures canola market was weaker, taking some direction from outside vegetable oil markets.

Chicago soyoil and Malaysian palm oil futures were both lower Monday, although European rapeseed was mixed.

The January canola contract dipped below its 20-day moving average, which was bearish from a chart standpoint. However, the market remained supported overall, holding in a sideways trading range.

Scale-down end user demand provided support, with ideas that Canadian canola supplies are tighter than the official estimates also underpinning values.

An estimated 21,300 canola contracts traded as of 11:35 a.m. EST.

Prices in Canadian dollars per metric ton:

Contracts Prices Change

   Jan        641.30  dn 5.40 
   Mar        655.00  dn 5.80 
   May        664.00  dn 5.90 
   Jul        668.00  dn 4.90 
 

Source: MarketsFarm, [e-mail]

(END) Dow Jones Newswires

11-18-24 1207ET