WINNIPEG, Manitoba--The ICE Futures canola market came out of the Canada Day weekend with a huge boost from vegetable oils.

August soyoil in Chicago was up, while European rapeseed and Malaysian palm oil also rose sharply. Crude oil was slightly higher due to tensions in the Middle East and the start of hurricane season in the Atlantic.

One analyst said Indonesia threatening tariffs on Chinese good made palm oil prices rise to two-month highs. There was also talk Europe recently made purchases of Canadian canola.

At mid-afternoon, the Canadian dollar was steady compared to Friday's close.

There were 66,536 canola contracts traded on Tuesday, which compares with Friday when 29,390 contracts changed hands.

Spreading accounted for 19,024 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne. 


 
        Price   Change 
  Nov   651.10  up 24.00 
  Jan   658.40  up 23.50 
  Mar   664.30  up 22.50 
  May   668.10  up 21.60

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


 
  Months                Prices              Volume 
  Nov/Jan       6.70 under to 8.10 under    7,151 
  Nov/Mar       12.90 under to 14.00 under    209 
  Nov/May       18.40 under to 18.60 under     30 
  Jan/Mar        5.80 under to 7.00 under   1,652 
  Jan/May       10.20 under to 10.50 under     40 
  Mar/May        3.60 under to 4.70 under     217 
  May/Jul        0.30 under to 1.20 under      97 
  Jul/Nov       36.80 over to 33.00 over      110 
  Jul/Jan       40.20 over                      1 
  Nov/Jan        3.90 over to 3.60 over         5

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


(END) Dow Jones Newswires

07-02-24 1532ET