The ICE Futures canola market traded within a wide range Tuesday, settling with losses as sharp declines in crude oil weighed on values.
- Crude oil was pressured by comments from United States President Donald Trump claiming the war in Iran could end soon.
- Chicago soyoil, European rapeseed and Malaysian palm oil futures were weaker as well, putting spillover pressure on canola.
- Chart-based positioning contributed to the weakness in canola, amid ideas the recent runup in the futures was overdone.
- The U.S. Department of Agriculture released updated supply/demand estimates, leaving their call on domestic U.S. soybean ending stocks unchanged at 350 million bushels.
- There were 93,643 contracts traded on Tuesday, which compares with Monday when 115,566 contracts changed hands. Spreading accounted for 53,232 of the contracts traded.
Access the latest futures prices at https://www.producer.com/markets-futures-prices/
Stay informed with our daily market videos. Each video quickly covers key futures moves, price trends and market signals that matter to Canadian farmers. Get clear, timely insights in just a few minutes. Bookmark https://www.producer.com/markets-futures-prices/videos
