WINNIPEG--The ICE Futures canola market was mostly higher at Tuesday's close, recovering from earlier losses amid ongoing concerns over drought conditions across Western Canada.
Declines in the Chicago Board of Trade soy complex put some early pressure on the Canadian oilseed, with speculators taking profits on their long positions contributing to the declines. However, that early selling ran out of steam and support was uncovered to the downside.
Hot and dry Prairie weather helped underpin the canola market, with little relief in the nearby forecasts and anecdotal reports pointing to very low yields across Western Canada.
Weakness in the Canadian dollar, which dipped back below 80 U.S. cents, was also supportive.
About 22,901 canola contracts traded on Tuesday, which compares with Friday, when 20,571 contracts changed hands. Spreading accounted for 13,586 of the contracts traded.
Settlement prices are in Canadian dollars per metric ton.
Price Change
Canola Nov 855.10 up 12.90
Jan 844.50 up 8.60
Mar 832.70 up 4.60
May 813.40 up 0.90
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Months Prices Volume Canola Nov/Jan 11.40 over to 6.00 over 2,726 Nov/Mar 23.00 over to 15.00 over 108 Nov/May 41.30 over to 28.50 over 26 Nov/Jul 64.80 over 2 Nov/Nov 181.30 over 1 Jan/Mar 11.90 over to 7.10 over 2,573 Jan/May 25.50 over to 22.00 over 89 Mar/May 19.80 over to 13.80 over 793 Mar/Jul 44.00 over to 36.50 over 14 May/Jul 25.00 over to 22.20 over 422 Jul/Nov 136.00 over to 125.50 over 39
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
08-03-21 1519ET
