The ICE Futures canola market turned lower Tuesday morning after posting small gains in overnight activity.
Declines in Chicago soyoil futures accounted for some spillover selling pressure in the Canadian oilseed. Chart-based positioning also weighed on values, with Monday’s failure to hold above the 100-day moving average in the nearby May contract bearish from a technical standpoint.
However, support was holding to the downside, with canola in a sideways pattern for the time being.
The Canadian dollar was slightly firmer in early activity.
About 11,400 canola contracts had traded as of 8:46 CDT.
Prices in Canadian dollars per metric ton at 8:46 CDT:
Canola May 635.30 dn 3.00
Jul 645.00 dn 3.10
Nov 653.80 dn 2.60
Jan 660.10 dn 3.50
