Glacier FarmMedia — ICE Futures canola contracts were weaker at midday Tuesday, although values held rangebound overall amid increasing tensions over the war in Iran.
- United States President Donald Trump threatened on social media that “a whole civilization will die tonight, never to be brought back again.” Crude oil values climbed higher, with fresh U.S./Israeli attacks on Kharg Island adding to strength in energy markets.
- However, the grains and oilseeds were not following oil higher on Tuesday, with position-evening amid the general uncertainty a feature, according to an analyst. Chicago soyoil and Malaysian palm oil futures were lower, while European rapeseed was narrowly mixed.
- May canola fell below its 20-day moving average, which was bearish from a technical standpoint.
- Wide crush margins remained supportive, with canola seed attractively priced relative to its product values.
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- An estimated 34,000 canola contracts traded as of 10:48 CDT.
Prices in Canadian dollars per metric tonne at 10:48 CDT:
Canola May 719.60 dn 7.00
Jul 732.80 dn 6.70
Nov 727.60 dn 5.10
Jan 734.00 dn 4.90
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