WINNIPEG, Manitoba--Intercontinental Exchange canola futures slipped back on Tuesday, due to strong prospects for good crops across the Canadian Prairies.
A trader said all Prairie crops are off to their best start in quite sometime thanks to the rains received. However that precipitation is very likely to delay up to 40% of the canola planting into June. He added that farmers have been doing a fair bit of selling.
The Prairies are forecast to remain dry over the next few days, but parts of the region are expected to get rain before the weekend.
While canola received good support from gains in Chicago soyoil and Malaysian palm oil, losses in Chicago soybean and soymeal, as well as European rapeseed forced the Canadian oilseed lower.
Spillover from sharp upticks in global crude priced weren't enough to turn canola positive.
The Canadian dollar slipped back by mid-afternoon Tuesday with the loonie at 73.25 U.S. cents compared to Monday's close of 73.34.
There were 38,599 contracts traded on Tuesday, compared to the 11,051 contracts that changed hands on Monday. Spreading accounted for 18,480 contracts traded.
Prices are in Canadian dollars per metric ton: Canola Price Change Jul 668.70 dn 3.50 Nov 690.20 dn 2.60 Jan 698.20 dn 1.70 Mar 705.40 dn 1.20 Spread trade prices are Canadian dollars and the volume represents the number of spreads: Months Prices Volume Jul/Nov 20.30 under to 21.60 under 6,463 Jul/Jan 27.90 under to 29.70 under 109 Jul/Mar 34.00 under to 36.70 under 39 Nov/Jan 6.90 under to 8.20 under 1,054 Nov/Mar 13.40 under to 15.60 under 474 Nov/May 17.60 under 250 Jan/Mar 6.20 under to 7.40 under 399 Jan/May 10.70 under 218 Mar/May 2.90 under to 3.70 under 161 Mar/Jul 3.60 under to 3.70 under 7 May/Jul 0.70 over to 0.50 under 61 Jul/Nov 38.00 over 5
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
05-28-24 1555ET
