WINNIPEG–ICE Futures canola contracts were mostly lower at midday Tuesday, although activity was choppy as market participants remained focused on the ongoing conflict in the Middle East.
- Crude oil was pressured by comments from United States President Donald Trump claiming the war in Iran could end soon.
- Chicago soyoil, European rapeseed and Malaysian palm oil futures were weaker as well, putting spillover pressure on canola.
- Chart-based positioning contributed to the weakness in canola, amid ideas the recent runup in the futures was overdone.
- The U.S. Department of Agriculture will release updated supply/demand estimates at 12:00 EDT. Traders are only expecting minor revisions to the balance sheets, although any surprises in the data could sway the markets.
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ICE canola up amid mixed sentiment
Glacier FarmMedia – Canola futures on the Intercontinental Exchange were slightly higher on Tuesday morning amid mixed sentiment in the…
- An estimated 56,200 canola contracts traded as of 11:26 EDT.
Prices in Canadian dollars per metric tonne at 11:26 EDT:
Canola May 724.10 dn 2.30
Jul 733.30 dn 2.20
Nov 717.40 dn 1.30
Jan 723.10 dn 1.50
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