ICE canola continues lower Tuesday

By Phil Franz-Warkentin

Glacier FarmMedia — The ICE Futures canola market was weaker at midday Tuesday, seeing a continuation of Monday’s selloff as a tentative ceasefire between Israel and Iran, and the resulting losses in crude oil weighed on agricultural markets.

Chicago soyoil, European rapeseed and Malaysian palm oil were all down on the day, accounting for spillover selling pressure in canola. Chart-based selling contributed to the declines, with canola testing some key support levels.

Relatively favourable North American weather was another bearish influence, with parts of the Prairies receiving welcome rains.

An estimated 38,900 canola contracts traded as of 10:33 CDT.

Prices in Canadian dollars per metric tonne at 10:33 CDT:

Canola            Jul   699.40    dn  22.20

Nov   706.50    dn  18.50

Jan   714.90    dn  17.30

Mar   721.60    dn  15.50