ICE Review : Rangebound Canola Drifts Lower

WINNIPEG, Manitoba--The ICE Futures canola market was weaker on Tuesday after a choppy trading day that saw prices hold within a relatively narrow range.

Losses in Chicago soybeans accounted for some spillover selling pressure in the Canadian oilseed, but soyoil recovered from its own lows and was higher by the close.

Overnight gains in Malaysian palm oil were also supportive, while European rapeseed was lower.

Wide crush margins remain a supportive influence, with domestic processors operating at close to full capacity.

However, supplies in the commercial pipeline are thought to be comfortable for the time being, limiting end user demand.

About 25,190 canola contracts traded on Tuesday, which compares with Monday when 31,078 contracts changed hands.

Spreading accounted for 18,070 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

 
 Canola 
         Price       Change 
 Mar     826.10      dn 3.10 
 May     817.70      dn 3.10 
 Jul     815.00      dn 2.40 
 Nov     791.50      dn 3.50 
 

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

 
 Months                  Prices                  Volume 
 Mar/May         9.80 over to 7.90 over          3,628 
 Mar/Jul        13.00 over to 11.10 over           443 
 Mar/Nov        35.20 over                           2 
 May/Jul         3.60 over to 2.50 over          2,466 
 May/Nov        26.00 over to 25.30 over           602 
 Jul/Nov        24.00 over to 21.60 over         1,620 
 Nov/Jan        4.50 under to 5.00 under           274 
 

Source: Commodity News Service Canada

Write to Phil Franz-Warkentin at [e-mail]

(END) Dow Jones Newswires

02-14-23 1529ET