WINNIPEG, Manitoba--The ICE Futures canola market was weaker Tuesday morning, seeing some follow-through selling after backing away from one-month highs on Monday.

Spillover from losses in outside markets - including Chicago soyoil, European rapeseed and Malaysian palm oil - contributed to the declines in canola.

The most-active November contract was trading below several key moving averages, which was bearish from a chart standpoint.

A lack of major weather concerns for the new crop and large old crop supplies overhanging the market also weighed on values, although forecasts calling for hot temperatures across much of the Prairies over the next week could stress fields.

About 16,400 canola contracts had traded as of 9:40 EDT. Prices in Canadian dollars per metric ton at 9:40 EDT: 


Canola 
          Price     Change 
Nov       643.80    dn 4.60 
Jan       653.30    dn 4.90 
Mar       661.50    dn 4.30 
May       668.80    dn 2.50

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


(END) Dow Jones Newswires

07-09-24 1010ET