WINNIPEG, Manitoba -- Intercontinental Exchange canola futures dropped further in heavy trading on Tuesday, after significant weakness yesterday.

As part of a general selloff in the markets, declines in Chicago soyoil and soybeans, as well as in Malaysian palm oil put pressure on canola. Meanwhile, upticks in Chicago soymeal and European rapeseed helped to temper further declines.

While a trader commented that the canola harvest on the Prairies has been rather slow this year, good harvest weather is in the forecast. The trader noted that harvest selling is likely to continue for two more weeks.

Already strong crush margins were on the rise, further underpinning canola values.

The Canadian dollar added more ground by mid-afternoon Tuesday with the loonie at 74.40 U.S. cents, compared to Monday's close of 74.12.

There were 50,521 contracts traded on Tuesday, which compares with Monday when 39,506 contracts changed hands.

Spreading accounted for 32,644 contracts traded.

Prices are in Canadian dollars per metric tonne: 


 
Canola 
        Price   Change 
  Nov   734.30  dn 7.70 
  Jan   743.60  dn 7.10 
  Mar   750.50  dn 6.50 
  May   757.30  dn 5.80

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


 
 Months              Prices                 Volume 
 Nov/Jan     7.90 under to 9.50 under        8,268 
 Nov/Mar    14.40 under to 16.40 under         194 
 Nov/May    20.30 under to 22.50 under         676 
 Nov/Jul    24.00 under to 28.10 under          54 
 Nov/Nov     7.00 over to 0.20 under            29 
 Jan/Mar     6.30 under to 7.00 under        4,426 
 Jan/May    12.20 under to 13.70 under         473 
 Jan/Nov    13.00 over to 11.80 over             7 
 Mar/May     5.70 under to 6.80 under        1,472 
 May/Jul     2.30 under to 5.00 under          485 
 Jul/Nov    29.60 over to 27.50 over           238

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


(END) Dow Jones Newswires

09-19-23 1537ET