WINNIPEG, Manitoba--The ICE Futures canola market posted sharp losses Tuesday, as a selloff in Chicago soyoil spilled over to weigh on values. European rapeseed and Malaysian palm oil futures were also lower.

Widespread rains across the Prairies may delay seeding operations but were seen as beneficial for crops in the long run, with the improving moisture conditions adding to the softer tone in canola.

Chart-based speculative selling contributed to the losses as some stops were hit on the way down. However, the general uptrend remained intact despite Tuesday's correction.

There were an estimated 41,176 contracts traded Tuesday, down from Monday's volume of 49,666 contracts. Spreading accounted for 15,976 of the contracts traded.

Settlement prices are in Canadian dollars per metric ton. 


Canola 
      Price    Change 
Jul   655.30   dn 12.60 
Nov   673.80   dn 13.20 
Jan   681.20   dn 12.20 
Mar   687.00   dn 10.90

Spread trade prices are in Canadian dollars and the volume represents the number of spreads: 


                    Spread             Volume 
Jul/Nov   17.90 under to 19.40 under   6,835 
Jul/Jan   24.90 under to 26.00 under      82 
Nov/Jan    5.80 under to 7.40 under      768 
Nov/Mar   11.90 under to 13.40 under     104 
Nov/May    9.80 under to 11.30 under       3 
Jan/Mar    4.40 under to 6.00 under      178 
Mar/May    1.30 over to 0.90 under        15 
May/Jul    3.80 over to 2.10 over          2 
Jul/Nov   33.00 over                       1

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

(END) Dow Jones Newswires

05-14-24 1533ET