ICE Review : Canola Lower, Erases Monday's Gains

WINNIPEG, Manitoba--The ICE Futures canola market reversed direction Tuesday, showing declines after making small gains on Monday.

Chicago soyoil was down and European rapeseed was mostly lower. However, Malaysian palm oil prices were higher. Crude oil went down despite ongoing uncertainty in the conflict between Israel and Hamas.

The Canadian dollar was down two-tenths of a U.S. cent compared to Monday's close. Statistics Canada reported on Tuesday the country's annual inflation rate dropped by 0.2 of a point to 3.8%.

High temperatures will be in the double-digits Celsius across the Prairies with Regina getting up to 20. However, rain is in the forecast for much of Alberta and Saskatchewan.

About 38,694 canola contracts traded Tuesday, which compares with Monday when 43,513 contracts changed hands. Spreading accounted for 25,080 of the contracts traded.

Settlement prices are in Canadian dollars per metric ton.

Contracts Prices Change

   Nov        719.20  dn 4.00 
   Jan        724.30  dn 2.90 
   Mar        729.60  dn 3.00 
   May        733.40  dn 2.60 
 

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

 
   Contracts  Prices                     Volume 
   Nov/Jan     3.50 under to 5.40 under  7,253 
   Nov/Mar     5.00 under to 10.50 under   733 
   Nov/May    11.70 under to 12.40 under   106 
   Jan/Mar     4.60 under to 5.50 under  2,810 
   Jan/May     7.90 under to 8.70 under     35 
   Mar/May     2.60 under to 4.00 under    749 
   Mar/Jul     6.50 under to 7.50 under    446 
   May/Jul     3.50 under to 4.40 under    380 
   Jul/Nov    14.90 over to 13.70 over      28 
 

Source: MarketsFarm, [e-mail]

(END) Dow Jones Newswires

10-17-23 1537ET