S&P GSCI GRAINS INDEX WINNIPEG, Manitoba--The ICE Futures canola market was stronger on Tuesday, nearing chart resistance as activity resumed after Monday's National Day for Truth and Reconciliation.
Reports that Iran launched a ballistic missile attack on Israel sent crude oil climbing higher, with world vegetable oil markets also rising amid the escalating conflict.
European rapeseed and Malaysian palm oil were up on the day. However, Chicago soyoil backed away from its own gains, tempering the upside in canola.
Ideas that Canadian canola yields may not live up to the official expectations were also supportive, with provincial estimates and anecdotal reports generally coming in below the official Statistics Canada data.
Striking grain workers at the Port of Vancouver reached a tentative deal over the weekend, taking some uncertainty out of the canola market.
There were an estimated 68,186 contracts traded on Tuesday, which compares with Friday when 53,768 contracts traded.
Spreading accounted for 38,630 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Canola
Price Change
Nov 610.80 up 7.00
Jan 624.00 up 7.70
Mar 635.00 up 8.00
May 642.80 up 8.80
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Months Prices Volume Nov/Jan 12.10 under to 14.30 under 9,382 Nov/Mar 22.30 under to 25.00 under 45 Nov/Jul 38.10 under 1 Nov/Nov 31.50 under to 35.40 under 38 Jan/Mar 9.40 under to 11.40 under 4,816 Jan/Jul 22.00 under to 22.50 under 24 Jan/Nov 21.70 under 100 Mar/May 5.60 under to 7.90 under 3,172 Mar/Jul 12.90 under to 13.30 under 57 May/Jul 4.40 under to 6.50 under 925 Jul/Nov 3.60 over to 0.30 over 755
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
10-01-24 1520ET
