By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market was posting small losses Tuesday morning as activity resumed for the first trading session of 2024.
Declines in the Chicago soy complex accounted for some spillover selling pressure in the canola market, with Malaysian palm oil also lower. However, European rapeseed was holding closer to unchanged.
Canola dipped below nearby chart support, hitting fresh six-month lows.
Weakness in the Canadian dollar provided some support. End user bargain hunting underneath the market also helped temper the declines.
About 5,700 canola contracts had traded as of 8:41 CST.
Prices in Canadian dollars per metric ton at 8:41 CST:
Canola Mar 649.00 dn 4.40
May 657.90 dn 3.20
Jul 663.70 dn 3.10
Nov 660.70 dn 3.00
