WINNIPEG, Manitoba-- The ICE Futures canola market was weaker at midday Tuesday in a continuation of Monday's selloff.

Speculative positioning was a feature, with losses in Chicago soyoil and improving moisture conditions in parts of the Prairies adding to the softer tone in canola.

The November contract fell below its 20-day moving average on Monday, which was bearish from a chart standpoint, and was holding just above the 200-day average at midday.

Weakness in the Canadian dollar provided some underlying support, with a steadier tone in Chicago soybeans also helping temper the declines. European rapeseed and Malaysian palm oil were both holding near unchanged, seeing some consolidation after recent declines.

About 25,000 canola contracts traded as of 11:20 EDT.

Prices in Canadian dollars per metric ton at 11:20 EDT: 


 
   Canola    Price     Change 
   Nov       772.60    dn 11.40 
   Jan       777.60    dn 10.10 
   Mar       780.10    dn 8.60 
   May       781.00    dn 5.00

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


(END) Dow Jones Newswires

08-01-23 1153ET