WINNIPEG, Manitoba--The ICE Futures canola market showed independent strength coming out of the Victoria Day long weekend amid weakness in comparable oils.
Chicago soyoil, European rapeseed and Malaysian palm oil were all down on Tuesday, but had moved higher on Monday when the Canadian markets were closed. Crude oil was also lower as traders turned their focus to next month's OPEC+ meeting.
At mid-afternoon, the Canadian dollar was down more than one-tenth of a United States cent compared to Friday's close.
Australia's canola crop is expected to slightly decline this year due to dryness, while Ukraine's rapeseed crop will total at least 4.1 million tonnes despite recent frost damage according to reports out of the two countries.
There were 43,482 canola contracts traded on Tuesday, which compares with Friday when 41,842 contracts changed hands.
Spreading accounted for 24,076 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Price Change Jul 665.20 up 4.10 Nov 685.60 up 4.70 Jan 693.70 up 4.80 Mar 701.00 up 4.70
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Months Prices Volume Jul/Nov 19.00 under to 21.50 under 7,544 Jul/Jan 27.30 under to 29.30 under 152 Jul/Mar 34.90 under to 36.70 under 303 Nov/Jan 7.40 under to 8.40 under 1,845 Nov/Mar 15.10 under to 15.70 under 389 Nov/May 20.20 under to 20.50 under 31 Jan/Mar 6.60 under to 7.50 under 892 Jan/May 11.40 under to 12.50 under 34 Mar/May 3.50 under to 5.00 under 630 Mar/Jul 1.60 under to 3.00 under 87 May/Jul 4.10 over to 2.00 over 82 Jul/Nov 40.00 over to 36.00 over 49
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
05-21-24 1526ET