WINNIPEG, Manitoba--The ICE Futures canola market made gains on Tuesday on a combination of support from comparable oils and short covering by the funds.

Chicago soyoil gained nearly two United States cents per pound. Meanwhile, European rapeseed was also higher and crude oil saw sharp rises on speculation Saudi Arabia is pushing for production cuts. However, Malaysian palm oil was mixed.

The Canadian dollar was up more than one-tenth of a U.S. cent compared to Monday's close.

There were 57,127 canola contracts traded on Tuesday, which compares with Monday when 31,961 contracts changed hands. Spreading accounted for 38,018 of the contracts traded.


 
Settlement prices are in Canadian dollars per metric ton. 
 
Canola      Price           Change 
 Jan        707.60          up 5.30 
 Mar        711.50          up 6.60 
 May        717.00          up 8.60 
 Jul        721.20          up 9.70 
 
Spread trade prices are in Canadian dollars and the volume represents the number of spreads: 
 
Jan/Mar      2.20 under to 4.00 under       14,113 
Jan/May      6.00 under to 9.40 under          701 
Jan/Jul      8.80 under to 13.50 under         148 
Jan/Nov      3.30 over to 2.30 over              5 
Mar/May      3.40 under to 5.70 under        2,189 
Mar/Jul      6.90 under to 9.90 under          283 
Mar/Nov      3.60 over to 2.90 over             34 
May/Jul      2.50 under to 4.60 under          994 
Jul/Nov     12.90 over to 9.90 over            542 
 

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


(END) Dow Jones Newswires

11-28-23 1512ET