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