ICE Canola Futures Continue Lower at Midday

WINNIPEG, Manitoba--The ICE Futures canola market was mostly lower at midday Tuesday, with only the new crop November contract holding onto small gains.

The nearby March contract has lost over C$60 a metric ton over the past week, with speculative long-liquidation keeping the path of least resistance pointed lower in the front months on Tuesday, according to participants.

Improving crop prospects for soybeans in South America and resulting declines in the Chicago futures were also weighing on the Canadian oilseed. However, soyoil was holding onto small gains while strength in crude oil provided some additional support.

Canada's tight supply situation remains another supportive influence, although the need to ration demand is thought to be well priced into the market for the time being.

About 12,800 canola contracts traded as of 11:48 EST.

Prices in Canadian dollars per metric ton at 11:48 EST:

                          Price     Change 
Canola            Mar     964.30    dn 10.90 
                  May     953.30    dn  7.10 
                  Jul     926.50    dn  5.70 
                  Nov     794.50    up  0.90 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

01-18-22 1223ET