WINNIPEG, Manitoba--The ICE Futures canola market was weaker at midday Monday, hitting fresh contract lows as bearish technical signals kept speculators on the sell side.

"They're hammering all of the vegetable oils today," according to an analyst who noted that the negative tone in crude oil was contributing to that broad selling pressure.

Chicago soyoil, European rapeseed and Malaysian palm oil futures were all down on the day.

The Canadian dollar was slightly softer as well, providing some support for canola. Scale-down end user demand and ideas the losses were looking overdone also provided some support.

An estimated 12,400 canola contracts traded as of 11:40 a.m. ET.

Prices in Canadian dollars per metric tonne at 11:40 a.m. ET: 


Canola 
    Price  Change 
Mar 625.30 dn 6.20 
May 633.40 dn 6.00 
Jul 639.30 dn 6.30 
Nov 638.70 dn 6.30

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


(END) Dow Jones Newswires

01-08-24 1211ET