Glacier FarmMedia — ICE canola futures were weaker Tuesday morning, seeing some follow-through selling after Monday’s declines.
- Speculative positioning was a feature amid ideas a top may be in from a chart standpoint for the time being.
- The May contract dipped below its 20-day moving average but remains well above most longer-range indicators.
- Chicago soyoil, European rapeseed and Malaysian palm oil futures were lower, accounting for some spillover selling pressure.
- However, crude oil was posting small gains amid the ongoing uncertainty over the war in the Middle East.
- The Canadian dollar was softer Tuesday morning, underpinning crush margins which remain historically wide.
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ICE Canola Midday: Modest increases in front months
By Glen Hallick Glacier FarmMedia – Canola futures on the Intercontinental Exchange were higher mid-session Tuesday, as they continued to…
- About 14,700 canola contracts had traded as of 8:45 CDT.
Prices in Canadian dollars per metric tonne at 8:45 CDT:
Canola May 715.90 dn 3.20
Jul 728.90 dn 3.30
Nov 722.80 dn 3.70
Jan 728.50 dn 3.80
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