WINNIPEG, Manitoba--The ICE Futures canola market fell below nearby chart support as losses in Chicago soybeans and soyoil spilled over to weigh on prices.
Bearish technical signals contributed to the declines on Tuesday, although the underlying fundamentals remained supportive.
Canola remains cheap compared to most other oilseeds. Expectations for tightening supplies keep both exporters and domestic crushers in the market on a scale-down basis.
Weakness in the Canadian dollar was also supportive, with the currency trading below 70 U.S. cents for the first time since the beginning of the COVID-19 pandemic in 2020.
An estimated 60,272 contracts traded on Tuesday, which compares with Monday when 69,425 contracts traded.
Spreading accounted for 38,042 of the contracts traded.
Settlement prices are in Canadian dollars per metric ton.
Contracts Prices Change
Jan 594.00 dn 7.10 Mar 602.50 dn 7.60 May 609.70 dn 8.20 Jul 612.20 dn 8.20
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Contracts Prices Volume Jan/Mar 8.20 under to 10.40 under 9,765 Jan/May 15.30 under to 18.50 under 503 Jan/Jul 17.50 under to 20.60 under 34 Jan/Nov 3.20 over 1 Mar/May 6.50 under to 8.60 under 5,941 Mar/Jul 8.70 under to 10.70 under 540 Mar/Nov 12.40 over 4 May/Jul 2.00 under to 2.80 under 1,485 May/Nov 20.80 over to 19.60 over 367 Jul/Nov 23.20 over to 21.10 over 381
Source: MarketsFarm, news@marketsfarm.com
(END) Dow Jones Newswires
12-17-24 1600ET