WINNIPEG, Manitoba--The ICE Futures canola market settled with small losses on Tuesday after trading to both sides of unchanged in choppy activity.
A downturn in the Chicago soy complex accounted for some of the spillover selling pressure in canola, although European rapeseed and Malaysian palm oil were both higher on the day.
Chart-based positioning was a feature, with the May contract consolidating around its 20-day moving average.
While some technical signals indicate that a low may be in for the time being, increased farmer selling on any attempts at correcting higher likely kept a lid on the upside, according to participants.
Statistics Canada releases planted acreage estimates on Monday, March 11, with trade opinions divided on whether seeded canola area will be up or down from the 22.1 million acres planted in 2023.
There were an estimated 34,095 contracts traded on Tuesday, which compares with Monday when 26,349 contracts traded.
Spreading accounted for 18,720 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Canola
Price Change
May 595.30 dn 0.70
Jul 603.50 dn 0.50
Nov 610.70 dn 0.60
Jan 616.60 dn 0.30
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Months Prices Volume May/Jul 7.60 under to 8.30 under 7,349 May/Nov 15.00 under to 15.50 under 47 Jul/Nov 7.00 under to 7.60 under 1,775 Jul/Jan 12.50 under to 13.10 under 5 Jul/Mar 14.90 under 1 Nov/Jan 5.10 under to 6.00 under 179 Jan/Mar 2.00 under 4
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
03-05-24 1602ET
