By Phil Franz-Warkentin
Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was weaker Tuesday morning, seeing a continuation of Monday’s sharp declines as an attempt at correcting higher ran out of steam.
Canola had moved higher in overnight activity but quickly turned lower as the North American day session got underway. The May contract fell below its 20-day moving average on Monday for the first time in three weeks, which was bearish from a chart standpoint. Concerns over looming tariffs from the United States contributed to the declines.
Losses in the Chicago soy complex were also bearish, although European rapeseed and Malaysian palm oil were firm.
Tightening supplies and the need to ration demand remained supportive.
About 23,400 canola contracts had traded as of 8:49 CST.
Prices in Canadian dollars per metric ton at 8:49 CST:
Canola Mar 642.50 dn 5.40
May 654.40 dn 4.90
Jul 660.40 dn 4.70
Nov 644.10 dn 5.80
