WINNIPEG, Manitoba--The ICE Futures canola market posted sharp losses Tuesday, as a selloff in Chicago soyoil spilled over to weigh on values. European rapeseed and Malaysian palm oil futures were also lower.
Widespread rains across the Prairies may delay seeding operations but were seen as beneficial for crops in the long run, with the improving moisture conditions adding to the softer tone in canola.
Chart-based speculative selling contributed to the losses as some stops were hit on the way down. However, the general uptrend remained intact despite Tuesday's correction.
There were an estimated 41,176 contracts traded Tuesday, down from Monday's volume of 49,666 contracts. Spreading accounted for 15,976 of the contracts traded.
Settlement prices are in Canadian dollars per metric ton.
Canola Price Change Jul 655.30 dn 12.60 Nov 673.80 dn 13.20 Jan 681.20 dn 12.20 Mar 687.00 dn 10.90
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Spread Volume Jul/Nov 17.90 under to 19.40 under 6,835 Jul/Jan 24.90 under to 26.00 under 82 Nov/Jan 5.80 under to 7.40 under 768 Nov/Mar 11.90 under to 13.40 under 104 Nov/May 9.80 under to 11.30 under 3 Jan/Mar 4.40 under to 6.00 under 178 Mar/May 1.30 over to 0.90 under 15 May/Jul 3.80 over to 2.10 over 2 Jul/Nov 33.00 over 1
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
05-14-24 1533ET