WINNIPEG, Manitoba--The ICE Futures canola market was weaker for the third-straight session on Tuesday, taking some direction from Chicago Board of Trade soybeans.
Recent rains across Western Canada have helped take some of the weather premium out of the market.
However, the downtrend was showing signs of slowing down, as the forecasts turn hotter and the crops will still need more moisture going forward.
Weakness in the Canadian dollar, which tested support at the psychological 82 U.S. cents level, was also supportive.
About 12,064 canola contracts traded on Tuesday, which compares with Monday when 17,688 contracts changed hands.
Spreading accounted for 4,822 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Jul 845.90 dn 7.80
Nov 724.20 dn 3.40
Jan 725.70 dn 3.10
Mar 723.00 dn 3.10
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Months Prices Volume
Jul/Nov 127.00 over to 118.50 over 687
Jul/Jan 122.70 over to 118.80 over 185
Nov/Jan 0.90 over to 1.70 under 1,374
Jan/Mar 3.30 over to 2.60 over 138
Mar/May 4.30 over to 3.10 over 23
May/Jul 6.70 over 2
Jul/Nov 100.00 over 2
Source: Commodity News Service Canada
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(END) Dow Jones Newswires