WINNIPEG, Manitoba--The ICE Futures canola market continued to slide on Tuesday, reaching its weakest levels in over a month as speculative selling pressure and a lack of significant end-user demand weighed on values.

Losses in outside markets contributed to the declines, with Chicago soyoil, European rapeseed and Malaysian palm oil futures all lower on the day.

While a weaker tone in the Canadian dollar helped underpin domestic crush margins, a trader said demand from exporters remained lackluster. He said the widening discount for the old crop July contract compared to the new crop November futures was a sign of the lack of nearby demand.

Forecasts calling for welcome precipitation across dry areas of Western Canada over the next week were also bearish.

There were an estimated 80,856 contracts traded Tuesday, up from Monday's 70,724 contracts. Spreading accounted for 49,380 of the contracts traded.

Settlement prices are in Canadian dollars per metric ton.

Canola   Price   Change 
May     612.50   dn 7.40 
Jul     623.50   dn 7.90 
Nov     640.00   dn 5.80 
Jan     648.00   dn 5.40 
Spread trade prices are in Canadian dollars and the volume represents the number of spreads: 
Contract            Spread              Volume 
May/Jul   11.00 under to 11.90 under    14,795 
May/Nov   25.90 under to 28.00 under     1,962 
May/Jan   35.40 under                        1 
Jul/Nov   13.80 under to 16.60 under     9,211 
Jul/Jan   23.20 under                        2 
Nov/Jan   7.20 under to 8.00 under         613 
Nov/Mar   11.00 under                        1 
Jan/Mar   3.30 under                         1 

Source: Commodity News Service Canada,

(END) Dow Jones Newswires

04-16-24 1615ET