ICE Canola Narrowly Mixed at Midday

WINNIPEG, Manitoba--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 11:35 a.m. EST.

Prices in Canadian dollars per metric ton at 11:35 a.m. EST:

 
                  Price    Change 
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 
 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

03-05-24 1204ET