Glacier FarmMedia — “Turnaround Tuesday” speculative selling pressure weighed on the ICE Futures canola market at midday, although values remained stuck in a sideways range overall.
Losses in the Chicago soy complex accounted for some spillover weakness, with European rapeseed also down on the day.
A lack of any significant movement on trade talks with China weighed on values despite recent indications that relations could be thawing. Canada’s latest federal budget will be released later in the day, and market participants will be watching for any relevant news on trade or supports for farmers.
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Glacier FarmMedia – ICE canola futures dropped on Tuesday, taking back most of Monday’s gains in chart-based positioning as weakness…
While the canola market was due for a correction from a chart standpoint, nearby support held to the downside and values were well off their session lows by midsession.
An estimated 22,900 canola contracts traded as of 10:46 CST.
Prices in Canadian dollars per metric tonne at 10:46 CST:
Canola Jan 640.40 dn 7.50
Mar 651.70 dn 7.30
May 661.70 dn 7.30
Jul 668.80 dn 7.00
Access the latest futures prices at https://www.producer.com/markets-futures-prices/
