By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market was narrowly mixed at midday Tuesday, lacking any clear direction in choppy activity.
Chart-based positioning was a feature, with the May contract holding above the 20-day moving average and some technical signals indicating that a low may be in for the time being.
“There seems to be a bit of a shifting sentiment away from pure, all out, bearishness,” said an analyst on the possible establishment of nearby lows in the futures.
Gains in European rapeseed and Malaysian palm oil futures provided some underlying support for the Canadian oilseed, although a steady to softer tone in the Chicago soy complex weighed on values.
An estimated 17,500 canola contracts traded as of 10:35 CST.
Prices in Canadian dollars per metric tonne at 10:35 CST:
Canola May 595.80 dn 0.20
Jul 603.70 dn 0.30
Nov 611.10 dn 0.20
Jan 617.10 up 0.20
