WINNIPEG, Manitoba--The ICE Futures canola market was weaker at midday Monday, backing away from chart resistance as losses in Chicago soyoil weighed on values.

European rapeseed and Malaysian palm oil futures were also softer to start the week, although gains in crude oil and Chicago soybeans provided some support.

The Canadian dollar was showing some strength after trending lower for most of the previous month, putting some additional pressure on canola.

However, solid end user demand and a lack of significant farmer selling helped underpin the futures as canola exports continue to run well ahead of last year's pace.

An estimated 26,400 canola contracts traded as of 11:50 a.m. EST.


Prices in Canadian dollars per metric ton at 11:50 a.m. EST: 


 
           Price      Change 
Jan       639.50     dn 6.40 
Mar       651.40     dn 5.10 
May       659.50     dn 4.20 
Jul       663.80     dn 3.40

Source: Commodity News Service Canada, news@marketsfarm.com


(END) Dow Jones Newswires

11-04-24 1225ET