WINNIPEG, Manitoba--The ICE Futures canola market was trading to both sides of unchanged Tuesday morning, lacking any clear direction as the futures saw some consolidation after recent declines.
Chicago soyoil remained pointed lower after dropping below chart support on Monday, with spillover selling accounting for some weakness in canola as well. European rapeseed was also posting small losses in overnight activity, although Malaysian palm oil held near unchanged.
Seasonal harvest pressure remained another bearish influence on canola, with good progress reported in most areas of Western Canada.
The Canadian dollar was softer in early trade, providing some support. Wide crush margins and ideas that canola is looking oversold at current levels also helped underpin the market.
About 16,800 canola contracts had traded as of 9:53 a.m. EDT.
Prices in Canadian dollars per metric ton at 9:53 a.m. EDT:
Price Canola Canola Nov 711.00 up 0.10 Jan 720.30 dn 0.40 Mar 726.40 dn 1.10 May 732.20 dn 1.10
Source: Commodity News Service Canada, email@example.com
(END) Dow Jones Newswires