WINNIPEG, Manitoba--The ICE Futures canola market retreated on Tuesday despite overall support from comparable oils.

Chicago soyoil, European rapeseed, and Malaysian palm oil were in positive territory. Crude oil was also higher as tensions in the Middle East outweighed hawkish sentiment from the United States Federal Reserve.

At mid-afternoon, the Canadian dollar was up two-tenths of a U.S. cent compared to Monday's close.

Crop consultancy Strategie Grains projected 2024-25 rapeseed production in the European Union to decline by seven percent at 18.4 million tonnes due to a sharp drop in planted area.

There were 48,699 canola contracts traded on Tuesday, which compares with Monday when 52,311 contracts changed hands.

Spreading accounted for 34,392 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne. 


 
        Price   Change 
 Mar    593.70  dn 4.60 
 May    600.50  dn 3.70 
 Jul    605.00  dn 3.70 
 Nov    604.80  dn 4.00

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


 
 Months                 Prices              Volume 
 Mar/May        5.50 under to 7.10 under    10,007 
 Mar/Jul        10.00 under to 11.70 under     692 
 Mar/Nov        10.20 under to 11.40 under      92 
 May/Jul        4.30 under to 4.90 under     5,072 
 May/Nov        4.10 under to 4.80 under        61 
 May/Jan        9.00 under to 9.40 under        52 
 Jul/Nov        0.50 over to 0.50 under        963 
 Nov/Jan        5.00 under                     253 
 Jan/Mar        1.10 over                        2 
 Mar/May        3.40 over to 3.30 over           2

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


(END) Dow Jones Newswires

02-06-24 1520ET