WINNIPEG, Manitoba--Intercontinental Exchange canola futures turned around to close higher on Tuesday, although gains faded from earlier highs.

For a second day, the old crop July contract broke through its psychological support level of C$600 per metric ton, but again recovered sufficiently to close above it.

Support for canola came from gains in the Chicago soy complex and European rapeseed, while Malaysian palm oil was steady to higher. Advances in crude oil lent more support to the oilseeds.

An analyst stated there will be large crops across the Prairies once the region's temperatures turn normal to above normal.

Until then parts of Alberta contended with overnight frost.

The Canadian dollar was higher by mid-afternoon Tuesday with the loonie at 72.91 U.S. cents compared to Monday's close of 72.76. There were 56,328 contracts traded on Tuesday, compared to the 49,745 contracts that changed hands on Monday. Spreading accounted for 25,116 contracts traded.

Prices are in Canadian dollars per metric ton:


Canola 
 
 
 
Price 
 
Change 
Jul 
 
609.40 
 
up 4.10 
Nov 
 
626.10 
 
up 1.80 
Jan 
 
632.60 
 
up 2.30 
Mar 
 
635.80 
 
up 2.40 

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


Months 
 
 
Prices 
 
 
 
 
 
Volume 
 
Jul/Nov 
 
 
16.20 under to 19.80 under 
 
 
7,249 
Jul/Jan 
 
 
22.50 under to 25.70 under 
 
 
99 
Jul/Mar 
 
 
26.60 under to 30.60 under 
 
 
46 
Nov/Jan 
 
 
5.80 under to 6.70 under 
 
 
3,774 
Nov/Mar 
 
 
8.90 under to 9.90 under 
 
 
8 
Nov/May 
 
 
11.20 under to 15.50 under 
 
 
1 
Jan/Mar 
 
 
2.70 under to 3.40 under 
 
 
1,067 
Mar/May 
 
 
1.00 under to 2.30 under 
 
 
283 
May/Jul 
 
 
1.50 over to 1.20 over 
 
 
30 
Jul/Nov 
 
 
36.80 over 
 
 
 
 
1 
 

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


(END) Dow Jones Newswires

06-18-24 1544ET