Glacier FarmMedia — ICE canola futures were posting small losses Tuesday morning, retreating from overnight gains as weakness in outside markets weighed on values.
Chart-based positioning on ideas Monday’s losses were overdone had provided some support. However, the buying interest subsided as the day session got underway.
Relatively favourable Midwestern weather conditions weighed on the soy complex in Chicago, with that selling spilling into the canola market despite dryness concerns in parts of the Prairies.
European rapeseed was steady to lower on the day, while Malaysian palm oil was posting small gains. The Canadian dollar was holding relatively steady.
About 13,600 canola contracts had traded as of 8:47 CDT.
Prices in Canadian dollars per metric ton at 8:47 CDT:
Canola Nov 694.60 dn 2.20
Jan 702.90 dn 1.80
Mar 709.10 dn 1.40
May 713.50 dn 1.90
