WINNIPEG, Manitoba--The ICE Futures canola market moved within a wide range on Tuesday, with the bias higher at the closing bell.

Gains in Chicago soyoil and weakness in the Canadian dollar contributed to the strength in canola, with that combination helping crush margins improve.

End user demand was thought to be picking up at these lower price levels. However, any attempts at moving higher were being met by increased farmer selling, with large amounts of unpriced canola still sitting in the countryside. Losses in Chicago soybeans also tempered the advances in canola.

There were an estimated 63,207 contracts traded on Tuesday, which compares with Monday when 62,940 contracts traded.

Spreading was a feature, accounting for 49,782 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne. 


 
 Canola 
        Price   Change 
 Mar    595.50  up 4.50 
 May    602.50  up 3.90 
 Jul    609.00  up 4.50 
 Nov    609.50  up 4.60

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


 
 Months                 Prices              Volume 
 Mar/May        6.70 under to 7.70 under    17,863 
 Mar/Jul        12.70 under to 13.90 under     210 
 Mar/Nov        13.00 under to 14.30 under     136 
 May/Jul        5.30 under to 6.70 under     4,990 
 May/Nov        5.90 under to 6.20 under        33 
 Jul/Nov        0.10 over to 1.00 under      1,642 
 Nov/Jan        3.30 under to 3.90 under        17

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


(END) Dow Jones Newswires

02-13-24 1553ET