WINNIPEG, Manitoba--ICE Futures canola contracts were weaker at midday Tuesday, although values held rangebound overall amid increasing tensions over the war in Iran.
U.S. 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 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.
An estimated 34,000 canola contracts traded as of 11:48 a.m. ET.
Prices in Canadian dollars per metric tonne at 11:48 a.m. ET:
Canola
Price Change
May 719.60 dn 7.00
Jul 732.80 dn 6.70
Nov 727.60 dn 5.10
Jan 734.00 dn 4.90
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
04-07-26 1216ET
