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,

(END) Dow Jones Newswires

05-28-24 1555ET