WINNIPEG, Manitoba--The ICE Futures canola market was weaker at midday Tuesday, dropping below chart support as bearish technical signals weighed on values.

The move below C$760 per metric ton in the nearby November contract encouraged additional speculative selling, with seasonal harvest pressure also weighing on values as weather conditions remain relatively favorable across most of the Prairies.

"If we close (below C$760 per metric ton) we'll certainly be looking at further downside action," said an analyst.

The U.S. Department of Agriculture releases its monthly supply/demand estimates at 12:00 EDT with any surprises in the data likely to set the direction in the agricultural markets for the remainder of the session. Chicago soybeans and soyoil were both lower ahead of the report.

European rapeseed and Malaysian palm oil were also weaker in overnight activity.

About 24,700 canola contracts traded as of 11:25 a.m. EDT.


Prices in Canadian dollars per metric ton at 11:25 a.m. EDT: 


 
                  Price     Change 
Canola       Nov  756.30  dn 11.30 
             Jan  765.20  dn 10.90 
             Mar  771.50  dn  9.10 
             May  773.30  dn  9.10

Source: Commodity News Service Canada, news@marketsfarm.com


(END) Dow Jones Newswires

09-12-23 1150ET