Glacier FarmMedia — The ICE Futures canola market settled narrowly mixed on Tuesday after trading to both sides of unchanged in choppy activity.
- Gains in Chicago soyoil and soybeans provided spillover support, with solid monthly crush data behind some of the strength in that market.
- However, European rapeseed was lower on the day, while many Asian markets were closed for the Lunar New Year holiday.
- The May contract ran into upside resistance, briefly trading above the psychological C$680 per tonne level before backing away to end roughly five dollars off its session highs.
- Large South American soybean supplies continued to temper any gains in the North American oilseed futures amid the advancing Brazilian harvest.
- There were 87,301 contracts traded on Tuesday, which compares with Friday when 82,956 contracts changed hands. Spreading was a feature, accounting for 69,806 of the contracts traded.
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