ICE Review : Canola Turns Around Following Several Days of Losses

WINNIPEG, Manitoba--Intercontinental Exchange canola futures finished higher on Tuesday, in heavy trading that was quite choppy at times.

After several days of losses, there may been bargain hunting in canola that generated the turnaround.

Support for the Canadian oilseed also came from a stronger Chicago soy complex. However, European rapeseed eased back while Malaysian palm oil was down sharply on the day. Moderate upticks in global crude oil prices spilled over to the vegetable oils.

A trader cautioned canola has little to underpin it especially when there's that huge soybean crop just starting to flow out of South America.

The Canadian dollar improved at mid-afternoon Tuesday with the loonie at 74.63 U.S. cents compared to Monday's close of 74.39.

There were 61,131 contracts traded on Tuesday, compared to Monday when 47,730 contracts changed hands. Spreading accounted for 45,452 contracts traded.

 
Prices are in Canadian dollars per metric ton: 
 
Canola      Price       Change 
 Mar        613.50      up 4.80 
 May        619.70      up 5.60 
 Jul        623.80      up 6.60 
 Nov        623.50      up 7.10 
 
Spread trade prices are Canadian dollars and the volume represents the number of spreads: 
 
Months                   Prices                 Volume 
Mar/May         5.20 under to 6.70 under        14,344 
Mar/Jul         8.00 under to 10.80 under          347 
Mar/Nov         7.70 under to 10.10 under          248 
May/Jul         2.70 under to 4.50 under         5,248 
May/Nov         2.50 under to 3.40 under            97 
Jul/Nov         1.20 over to 0.30 over           2,412 
Nov/Jan         4.60 under to 4.70 under            19 
Nov/Mar         1.00 under                           1 
Jan/Mar         3.60 over 10 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

01-30-24 1528ET