WINNIPEG, Manitoba--Intercontinental Exchange canola futures fended off pressure from most comparable oils to finish higher.
Chicago soyoil was lower, but finished off of its lows on Tuesday as trade resumed following Canadian and U.S. holidays. European rapeseed was mixed while there were small upticks in Malaysian palm oil. Additional support came from gains in Chicago soybeans and soymeal. Modest losses in global crude-oil prices added pressure on the oilseeds.
Market participants speculated that buying by China underpinned canola values. There had been concerns that canola might have faded into negative territory Tuesday.
Agriculture and Agri-Food Canada forecast canola ending stocks for 2024-25 to rise to 1.95 million tons from the 1.4 million this year.
The Canadian dollar pulled back Tuesday at 73.93 U.S. cents compared to Friday's close of 74.16.
An estimated 67,009 contracts traded on Tuesday, compared to Friday when 48,065 contracts changed hands. Spreading accounted for 40,070 contracts traded.
Prices are in Canadian dollars per metric ton:
Contracts Price Change Mar 584.80 up 7.40 May 593.40 up 5.70 Jul 602.10 up 4.70 Nov 607.60 up 3.40 Spread trade prices are Canadian dollars and the volume represents the number of spreads: Contracts Prices Volume Mar/May 7.50 under to 12.00 under 12,072 Mar/Jul 15.70 under to 20.80 under 665 Mar/Nov 20.40 under to 24.70 under 191 May/Jul 7.80 under to 9.80 under 4,789 May/Nov 12.60 under to 14.70 under 30 Jul/Nov 4.50 under to 7.00 under 2,228 Nov/Jan 4.60 under to 5.40 under 60
Source: MarketsFarm, news@marketsfarm.com
(END) Dow Jones Newswires
02-20-24 1543ET
