WINNIPEG, Manitoba--The ICE Futures canola market settled with solid gains on Tuesday after trading to both sides of unchanged in choppy activity.
Gains in the Chicago soy complex and other outside markets, including European rapeseed and Malaysian palm oil, accounted for some spillover buying interest in the Canadian oilseed.
Supportive chart-signals also underpinned the market as the November contract held above the 20-day moving average.
Relatively favorable growing conditions across most of Western Canada tempered the upside to some extent. However, crop development remains delayed in the eastern Prairies and many fields will need a longer-than-normal frost-free window to reach harvest.
About 16,388 canola contracts traded on Tuesday, which compares with Monday when 19,723 contracts changed hands.
Spreading accounted for 10,706 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Price Change
Canola
Nov 853.90 up 6.90 Jan 863.60 up 7.10 Mar 870.20 up 6.70 May 873.60 up 5.70
Spread trade prices are in Canadian dollars and the volume
represents the number of spreads:
Prices Volume Nov/Jan 9.10 under to 9.90 under 2,874 Nov/Mar 15.90 under to 17.10 under 121 Nov/Nov 13.00 over to 12.70 over 17 Jan/Mar 6.50 under to 7.50 under 1,542 Mar/May 2.90 under to 4.80 under 690 May/Jul 2.00 under to 3.20 under 31 Jul/Nov 36.00 over to 31.40 over 78
Source: Commodity News Service Canada
Write to Phil Franz-Warkentin at news@marketsfarm.com
(END) Dow Jones Newswires
08-09-22 1541ET