WINNIPEG, Manitoba--The ICE Futures canola market turned around on Tuesday, making gains while going along with vegetable oils.

Chicago soyoil, European rapeseed and Malaysian palm oil reversed their fortunes by moving higher. However, crude oil was lower due to a stronger U.S. dollar and weaker demand.

At mid-afternoon, the Canadian dollar was down one-tenth of a U.S. cent compared to Monday's close. Statistics Canada reported today the country's annual inflation rate dropped to 2.7% in June, raising the chances of a key interest rate cut next week.

One analyst said the direction of soybeans' next major price movement will determine where canola prices go.

There were 41,932 canola contracts traded on Tuesday, which compares with Monday when 39,870 contracts changed hands. Spreading accounted for 18,524 of the contracts traded. 


 
Settlement prices are in Canadian dollars per metric ton. 
 
Canola     Price        Change 
 Nov       621.20       up 5.70 
 Jan       628.30       up 4.00 
 Mar       633.60       up 2.90 
 May       637.50       up 1.40 
 
Spread trade prices are in Canadian dollars and the volume represents the number of spreads: 
 
Nov/Jan        6.80 under to 9.20 under        6,756 
Nov/Mar       12.00 under to 15.40 under         279 
Nov/May       16.80 under to 20.50 under          71 
Nov/Jul       22.10 under                         25 
Jan/Mar        5.10 under to 6.70 under        1,452 
Jan/May       10.30 under                          1 
Mar/May        3.80 under to 5.60 under          651 
May/Jul        1.70 under to 2.30 under           27

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


(END) Dow Jones Newswires

07-16-24 1531ET