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ICE canola continues lower Tuesday

| 1 min read

     Glacier FarmMedia — ICE canola futures were weaker Tuesday morning, seeing some follow-through selling after Monday’s declines.

  • Speculative positioning was a feature amid ideas a top may be in from a chart standpoint for the time being.
  • The May contract dipped below its 20-day moving average but remains well above most longer-range indicators.
  • Chicago soyoil, European rapeseed and Malaysian palm oil futures were lower, accounting for some spillover selling pressure.
  • However, crude oil was posting small gains amid the ongoing uncertainty over the war in the Middle East.
  • The Canadian dollar was softer Tuesday morning, underpinning crush margins which remain historically wide.
  • About 14,700 canola contracts had traded as of 8:45 CDT.

     Prices in Canadian dollars per metric tonne at 8:45 CDT:

Canola            May   715.90    dn  3.20

                  Jul   728.90    dn  3.30

                  Nov   722.80    dn  3.70

                  Jan   728.50    dn  3.80

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

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