ICE canola continues lower Tuesday morning

By Phil Franz-Warkentin

Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was weaker Tuesday morning, seeing a continuation of Monday’s correction off nearby highs with speculative positioning a feature.

Losses in Chicago soybeans and soyoil accounted for some spillover selling pressure, with European rapeseed and Malaysian palm oil also lower on the day.

Tightening supplies and the need to ration demand remained supportive underneath the market, with the losses likely bringing in some end user bargain hunting.

About 9,000 canola contracts had traded as of 8:38 CDT.

Prices in Canadian dollars per metric ton at 8:38 CDT:

Canola            May   694.60    dn   0.20

Jul   688.20    dn   8.20

Nov   651.40    dn   9.50

Jan   659.60    dn  10.00