WINNIPEG, Manitoba--The ICE Futures canola market made small gains on Tuesday amidst mixed sentiment in comparable oils.

Chicago soyoil and Malaysian palm oil were down while European rapeseed was up. Meanwhile, crude oil was slightly higher.

At mid-afternoon, the Canadian dollar was down more than one-tenth of a United States cent compared to Monday's close.

The U.S. Department of Agriculture released its monthly World Agricultural Supply/Demand Estimates earlier Tuesday. Its 2024-25 Canadian canola production estimate was lowered to 18.80 million tonnes from 20 million in November. That compares with Statistics Canada's current estimate of 17.85 million tonnes.

One analyst said farmers may not start selling canola until prices surpass the C$640 per tonne level.

There were 90,781 canola contracts traded on Tuesday, which compares with Monday when 60,310 contracts changed hands. Spreading accounted for 70,816 of the contracts traded. Settlement prices are in Canadian dollars per metric tonne. 


 
           Price      Change 
Jan       621.70     up 3.00 
Mar       629.60     up 2.10 
May       636.20     up 1.10 
Jul       639.00     up 1.30

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


 
Months    Prices                            Volume 
Jan/Mar   7.30 under to 9.50 under          21,371 
Jan/May   13.60 under to 16.10 under           707 
Jan/Jul   17.60 under to 18.40 under             9 
Jan/Nov   9.20 over to 6.00 over               706 
Mar/May   6.20 under to 8.00 under           7,369 
Mar/Jul   9.10 under to 10.80 under             29 
Mar/Nov   16.60 over to 14.30 over              85 
May/Jul   2.40 under to 3.00 under           2,963 
May/Nov   23.00 over to 22.50 over              81 
Jul/Nov   26.00 over to 23.90 over           1,317 
Nov/Jan   4.40 under to 6.60 under             430 
Nov/Jul   3.30 over to 11.90 under              13 
Jan/Mar   0.90 over to 3.10 under              239 
Mar/May   3.20 over to 4.00 under               57 
May/Jul   8.40 over to 1.50 under               32

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


(END) Dow Jones Newswires

12-10-24 1525ET