WINNIPEG, Manitoba--The ICE Futures canola market fell sharply coming out of the August long weekend as heavy losses in equity markets on Monday spilled over into vegetable oils.
Chicago soyoil, European rapeseed and Malaysian palm oil were all in the red on Tuesday. However, crude oil was making small gains.
At midafternoon, the Canadian dollar was up one-third of a U.S. cent compared with Monday.
Cooler temperatures are expected in the Prairies for the rest of the week along with rain in Alberta and Manitoba.
There were 64,473 canola contracts traded on Tuesday, which compares with Friday when 43,282 contracts changed hands. Spreading accounted for 26,726 of the contracts traded. Settlement prices are in Canadian dollars per metric tonne.
Canola
Price Change Nov 587.60 dn 23.30 Jan 596.30 dn 23.20 Mar 603.80 dn 23.20 May 607.80 dn 23.60
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
MonthsPricesVolume
Nov/Jan 8.30 under to 9.90 under 9,992
Nov/Mar 15.90 under to 18.40 under 306
Nov/May 20.30 under to 22.00 under 12
Jan/Mar 7.40 under to 8.60 under 2,451
Jan/May 12.20 under to 12.60 under 2
Mar/May 3.90 under to 5.00 under 541
May/Jul 2.30 under to 3.50 under 56
Jul/Nov 27.00 over 3
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
08-06-24 1544ET
