Glacier FarmMedia — ICE canola futures were posting small losses Tuesday morning, taking back some of Monday’s gains.
- The March contract neared major chart resistance on Monday, with speculative positioning behind some of Tuesday’s selling pressure.
- Losses in Chicago soyoil and continued strength in the Canadian dollar added to the softer tone. European rapeseed and Malaysian palm oil were also down on the day.
- However, Chicago soybeans were higher in early trade.
- The United States Department of Agriculture will release its monthly supply/demand estimates later in the day, with any surprises in the data likely to provide direction for the futures. Traders will be watching for adjustments to South American production estimates and U.S. exports.
- About 21,700 canola contracts had traded as of 8:37 CST.
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Prices in Canadian dollars per metric tonne at 8:37 CST:
Canola Mar 662.10 dn 3.60
May 672.60 dn 3.10
Jul 679.40 dn 3.70
Nov 670.00 dn 3.90
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