Glacier FarmMedia — The ICE Futures canola market was weaker on Tuesday, falling to the lower end of their sideways trading range as traders booked profits amid escalating uncertainty over the war in Iran.
- United States President Donald Trump threatened on social media that “a whole civilization will die tonight, never to be brought back again.” Fresh U.S./Israeli attacks on Kharg Island added to the general volatility in energy markets.
- Grains and oilseeds failed to follow crude oil higher, with position-evening amid the general uncertainty a feature, according to an analyst. Chicago soyoil and Malaysian palm oil futures were lower, while European rapeseed managed to post small gains.
- May canola fell below its 20-day moving average, which was bearish from a technical standpoint.
- Wide crush margins remained supportive, with canola seed attractively priced relative to its product values.
- There were 58,833 contracts traded on Monday, which compares with Monday when 35,331 contracts changed hands. Spreading accounted for 32,602 of the contracts traded.
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