ICE Review : Canola Makes Gains Despite Oil Losses

WINNIPEG, Manitoba--The ICE Futures canola market showed independent strength coming out of the Victoria Day long weekend amid weakness in comparable oils.

Chicago soyoil, European rapeseed and Malaysian palm oil were all down on Tuesday, but had moved higher on Monday when the Canadian markets were closed. Crude oil was also lower as traders turned their focus to next month's OPEC+ meeting.

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

Australia's canola crop is expected to slightly decline this year due to dryness, while Ukraine's rapeseed crop will total at least 4.1 million tonnes despite recent frost damage according to reports out of the two countries.

There were 43,482 canola contracts traded on Tuesday, which compares with Friday when 41,842 contracts changed hands.

Spreading accounted for 24,076 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

 
        Price   Change 
 Jul    665.20  up 4.10 
 Nov    685.60  up 4.70 
 Jan    693.70  up 4.80 
 Mar    701.00  up 4.70 
 

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

 
 Months           Prices                    Volume 
 Jul/Nov    19.00 under to 21.50 under      7,544 
 Jul/Jan    27.30 under to 29.30 under        152 
 Jul/Mar    34.90 under to 36.70 under        303 
 Nov/Jan    7.40 under to 8.40 under        1,845 
 Nov/Mar    15.10 under to 15.70 under        389 
 Nov/May    20.20 under to 20.50 under         31 
 Jan/Mar    6.60 under to 7.50 under          892 
 Jan/May    11.40 under to 12.50 under         34 
 Mar/May    3.50 under to 5.00 under          630 
 Mar/Jul    1.60 under to 3.00 under           87 
 May/Jul    4.10 over to 2.00 over             82 
 Jul/Nov    40.00 over to 36.00 over           49 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

05-21-24 1526ET