ICE canola weakens Tuesday morning

By Phil Franz-Warkentin

Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was posting losses Tuesday morning in thin and choppy trade.

Losses in Chicago soybeans accounted for some spillover selling pressure, although European rapeseed and Malaysian palm oil futures were both higher on the day.

The March canola contract dipped below its 100-day moving average, which was bearish from a technical standpoint.

Tightening supply projections and the ongoing need to ration demand going forward provided underlying support.

About 9,000 canola contracts had traded as of 8:43 CST.

Prices in Canadian dollars per metric ton at 8:43 CST:

Canola            Mar   619.80    dn  6.00

May   626.10    dn  5.70

Jul   629.30    dn  5.50

Nov   605.00    dn  5.50