ICE canola consolidating slightly lower Tuesday morning

Glacier FarmMedia — ICE canola futures were mostly lower Tuesday morning, seeing some consolidation after climbing to their highest levels in two-and-a-half months on Monday.

While gains in Chicago soyoil provided spillover support, soybeans and soymeal were lower. Outside markets were also mixed, with gains in Malaysian palm oil and a softer tone in European rapeseed futures.

Canola was looking overdone to the upside by some technical metrics after Monday’s rally, which weighed on values. The ongoing lack of significant export demand, amid Canada’s ongoing trade dispute with China, also weighed on values.

About 13,800 canola contracts had traded as of 8:41 CST.

Prices in Canadian dollars per metric tonne at 8:41 CST:

Canola            Jan   654.00    dn  1.20

                  Mar   666.20    dn  0.50

                  May   675.10    dn  0.20

                  Jul   680.70    up  0.60

Access the latest futures prices at https://www.producer.com/markets-futures-prices/