WINNIPEG, Manitoba--The ICE Futures canola market was mostly higher on Tuesday amidst positive sentiment in comparable oils.

Chicago soyoil, European rapeseed and Malaysian palm oil were all on the rise as part of widespread increases across many commodities. Crude oil was also higher due to potential voluntary supply cuts from OPEC+.

Statistics Canada reported earlier today that the country's January canola crush hit an all-time record of 936,593 tons, down 6,700 from December. In addition, 1.587 million tons of canola were delivered by producers in January, compared to 1.758 million in January 2023.

The Canadian dollar was down less than one-tenth of a U.S. cent compared to Monday's close.

There were 55,289 canola contracts traded on Tuesday, which compares with Monday when 39,916 contracts changed hands. Spreading accounted for 27,386 of the contracts traded. 


 
Settlement prices are in Canadian dollars per metric ton. 
 
Canola      Price           Change 
 Mar        577.10          dn 4.00 
 May        591.10          up 2.80 
 Jul        598.60          up 3.40 
 Nov        605.30          up 3.70 
 
Spread trade prices are in Canadian dollars and the volume represents the number of spreads: 
 
Mar/May          3.40 under to 18.70 under          2,803 
Mar/Jul          9.30 under to 26.00 under            356 
Mar/Nov         22.80 under                            50 
May/Jul          5.70 under to 7.50 under           8,371 
May/Nov         12.20 under to 14.20 under            144 
Jul/Nov          6.20 under to 6.90 under           1,936 
Nov/Jan          4.20 under to 4.80 under              33

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


(END) Dow Jones Newswires

02-27-24 1551ET