WINNIPEG, Manitoba--The ICE Futures canola market was weaker midday Tuesday, dropping below psychological support as speculative selling weighed on values.

The nearby March contract fell below C$800 per ton, which was bearish from a chart standpoint. Concerns that Australia's large canola crop would cut into some Canadian export demand added to the softer tone.

However, domestic crush margins remain strong and scale-down end user demand provided some support.

"The crushers will gladly take cheaper seed and turn it into oil and meal," said an analyst, although he added that most processors were already operating at close to full capacity.

About 23,100 canola contracts traded as of 11:36 a.m. ET.

Prices in Canadian dollars per metric ton at 11:36 a.m. ET: 


   Canola     Price      Change 
 
      Mar     797.40     dn 9.30 
      May     796.80     dn 9.60 
      Jul     797.80     dn 10.50 
      Nov     782.60     dn 9.60

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


(END) Dow Jones Newswires

01-24-23 1206ET