WINNIPEG, Manitoba--Intercontinental Exchange (ICE) canola futures nearly erased all earlier losses at the close on Tuesday, with only a small decline in the nearby March contract.
Support came from another round of sharp upswings in global crude oil prices, which spilled over into edible oils. That saw gains in the Chicago soy complex, as well as Malaysian palm oil and most positions for European rapeseed.
Ongoing tight supplies and need to ration demand also underpinned canola. However, the liquidation of nearby old crop positions helped to temper further increases.
The Canadian dollar swung higher at mid-afternoon, with the loonie at 79.22 U.S. cents, compared to Monday's close of 79.01.
Statistics Canada issued its monthly crush report, which showed 704,696 tonnes of canola were processed in December. That's down 22.1 percent from the previous December.
Also, the federal agency released its monthly grain deliveries report which showed total deliveries for December were 3.22 million tonnes. That's a drop of 43.5 percent from a year ago.
Canola deliveries tallied 1.25 million tonnes, down 42.4 percent.
There were 29,702 contracts traded on Tuesday, which compares with Monday when 30,310 contracts changed hands.
Spreading accounted for 19,260 contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Price Change Canola
Mar 995.20 dn 0.70 May 987.60 up 2.10 Jul 968.40 up 8.90 Nov 834.00 up 1.60
Spread trade prices are Canadian dollars and the volume represents the number of spreads:
Months Prices Volume Mar/May 10.70 over to 6.10 over 5,922 Mar/Jul 28.40 over to 27.50 over 2 Mar/Nov 168.70 over to 156.00 over 21 May/Jul 27.70 over to 18.20 over 2,210 May/Nov 149.40 over 63 Jul/Nov 136.40 over to 127.40 over 1,344 Nov/Jan 3.00 over to 1.00 over 68
Source: Commodity News Service Canada
Write to Glen Hallick at news@marketsfarm.com
(END) Dow Jones Newswires
01-25-22 1607ET
