ICE Review : Canola Falls, Gives Up Most of Monday's Gains, Waits for USDA Reports

WINNIPEG, Manitoba--Intercontinental Exchange canola futures dropped on Tuesday, giving up most of Monday's gains.

There was broad pressure on the oilseed complex in correction, an analyst said. He cautioned the market could turn negative had canola lost all of Monday's increases.

The canola market will likely wait on Thursday's prospective plantings and quarterly grain stocks reports from the U.S. Agriculture Department before taking a direction, he said.

There were losses in the Chicago soy complex, European rapeseed and Malaysian palm oil. Small declines in global crude-oil prices added pressure to the oilseeds.

The Canadian dollar was relatively steady at 73.65 U.S. cents compared to Monday's close of 73.62.

There were 35,724 contracts traded on Tuesday, compared to Monday when 38,792 contracts changed hands. Spreading accounted for 21,050 contracts traded.

Prices are in Canadian dollars per metric ton:

 
   Contracts  Price   Change 
   May        638.50  dn 11.20 
   Jul        648.00  dn 11.40 
   Nov        655.60  dn 10.40 
   Jan        663.00  dn 10.40 
 

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

 
   Contracts  Prices                     Volume 
   May/Jul     8.50 under to 9.70 under  6,206 
   May/Nov    15.60 under to 17.30 under   293 
   Jul/Nov     6.40 under to 7.90 under  3,750 
   Nov/Jan     7.10 under to 7.60 under    261 
   Nov/Mar    10.50 under to 11.50 under    13 
   Jan/Mar     3.60 under                    2 
 

Source: MarketsFarm, [e-mail]

(END) Dow Jones Newswires

03-26-24 1533ET