ICE Review : Canola Higher, Was Due for Move After Hitting Contract Lows

WINNIPEG, Manitoba--The ICE Futures canola market posted solid gains, settling higher for the first time in 2024 amid ideas values were due for a correction after hitting contract lows.

Chicago soyoil, European rapeseed and Malaysian palm oil futures were higher Tuesday, lending spillover support to the Canadian oilseed.

Most of the activity was tied to speculative positioning, although end-user bargain hunting was also likely uncovered by the recent declines.

An estimated 35,370 contracts traded on Tuesday, which compares with Monday when 33,276 contracts traded.

Spreading accounted for 20,196 of the contracts traded.

Settlement prices are in Canadian dollars per metric ton.

Canola

Contracts Prices Change

 
   Mar        625.30  up 8.90 
   May        632.90  up 8.70 
   Jul        638.50  up 8.10 
   Nov        637.30  up 7.40 
 

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

 
   Contracts  Prices                     Volume 
 
   Jan/Mar     7.00 under                  192 
   Mar/May     6.60 under to 7.80 under  5,241 
   Mar/Jul    12.00 under to 13.40 under   616 
   Mar/Nov    10.90 under to 12.00 under    41 
   May/Jul     4.70 under to 6.20 under  2,089 
   Jul/Nov     1.80 over to 0.40 over    1,665 
   Nov/Jan     3.70 under to 4.80 under    253 
   Jan/Mar     0.00                          1 
 

Source: MarketsFarm, [e-mail]

(END) Dow Jones Newswires

01-09-24 1531ET