ICE Canola Moves Lower In “Turnaround Tuesday” Trade

"Turnaround Tuesday" price activity was behind some of the weakness in canola, according to an analyst who said the futures were seeing a slight correction after their recent advances. Prices were also nearing technical resistance, which encouraged some selling.

Ample global oilseed supplies overhanging the market, and the potential record large South American crop also weighed on values, according to traders.

The Chicago soy complex was mixed in overnight electronic trade, but was being called mostly lower to start the North American session.

Steady end-user demand, with talk of potential new canola sales to Pakistan, underpinned the canola market and limited the downside, said traders.

Overnight gains in Malaysian palm oil and European rapeseed could also provide some support for canola.

The Canadian dollar was holding relatively steady Tuesday morning, providing little direction for canola.

About 2,400 canola contracts had traded as of 8:41 CST.

Western barley futures were untraded and unchanged in overnight activity.

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