ICE Canola Weakens With Soy Complex

WINNIPEG, Manitoba--The ICE Futures canola market was weaker, taking some direction from losses in the Chicago soy complex as contracts traded just above nearby lows.

European rapeseed and Malaysian palm oil futures were also weaker Tuesday. Ideas canola was looking cheap compared to most other oilseeds tempered the losses to some extent, according to an analyst.

The November canola contract settled right around its 20-day moving average on Monday, but failed to hold above that key chart point during Tuesday's trade with speculative selling a feature.

Seasonal harvest pressure was also thought to be weighing on prices. Farmers remain reluctant sellers at current levels.

An estimated 28,800 canola contracts traded as of 11:46 a.m. EDT.

Prices in Canadian dollars per metric ton:

 
   Contracts  Price   Change 
   Nov        572.60  dn 11.00 
   Jan        586.10  dn 9.70 
   Mar        598.20  dn 9.00 
   May        607.70  dn 8.50 
 

Source: MarketsFarm, news@marketsfarm.com

(END) Dow Jones Newswires

September 10, 2024 12:25 ET (16:25 GMT)

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