ICE Canola Futures Down With Follow-Through Selling

WINNIPEG, Manitoba--The ICE Futures canola market was weaker Tuesday morning, seeing some follow-through selling after Monday's break below former chart-support.

Speculative long liquidation was a feature, as the March contract dipped below its 20- and 50-day moving averages. A softer tone in Chicago Board of Trade soybeans also put some pressure on values.

However, soyoil was up on the day, providing some underlying support. Ongoing concerns over tight old crop supplies also underpinned the market.

About 4,000 canola contracts had traded as of 9:42 EST.

Prices in Canadian dollars per metric ton at 9:42 EST:

 
                          Price      Change 
Canola            Mar     989.90     dn  6.00 
                  May     981.00     dn  4.50 
                  Jul     956.30     dn  3.20 
                  Nov     822.20     dn 10.20 
 

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

(END) Dow Jones Newswires

01-25-22 1017ET