North American Grain/Oilseed Review: Canola weakens with chart selling
The ICE Futures canola market was weaker on Monday, seeing some follow-through speculative selling after last week’s break below some key technical support levels.
Improving weather conditions for soybeans in South America, with some much needed rains in the forecast, were bearish for the oilseeds in general. While U.S. markets were closed for Martin Luther King Jr. Day, European rapeseed and Malaysian palm oil futures were both lower overnight.
Canada’s tight supply situation remained a supportive influence on the other side, although the need to ration demand is thought to be well priced into the market for the time being.
About 7,882 canola contracts traded on Monday, which compares with Friday when 40,596 contracts changed hands. Spreading accounted for 3,692 of the contracts traded.
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