ICE Review : Canola Hits One-Month Highs, Spillover Support From Outside Markets

WINNIPEG, Manitoba--The ICE Futures canola market settled at its strongest levels of the past month, seeing a continuation of Monday's rally.

Gains in outside markets provided spillover support Tuesday. Chicago soyoil, European rapeseed and Malaysian palm oil futures were higher.

Bullish chart signals contributed to the gains. Monday's close above the 50-day moving average in the January contract encouraged more fund short covering.

However, a firmer tone in the Canadian dollar and a lack of significant export demand tempered the advances.

An estimated 43,397 contracts traded on Tuesday, which compares with Monday when 45,076 contracts traded.

Spreading accounted for 30,954 of the contracts traded.

Settlement prices are in Canadian dollars per metric ton.

Contracts Prices Change

 
   Jan       721.20  up 4.50 
   Mar       725.30  up 4.90 
   May       729.90  up 5.10 
   Jul       733.40  up 4.20 
 

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

 
   Contracts   Prices                     Volume 
   Jan/Mar      3.40 under to 4.70 under  9,040 
   Jan/May      6.90 under to 8.90 under  1,149 
   Jan/Jul     11.80 under to 13.10 under   137 
   Jan/Nov      2.50 over to 4.40 under     138 
   Mar/May      3.20 under to 4.80 under  2,580 
   Mar/Jul      6.00 under to 8.20 under    119 
   Mar/Nov      6.00 over                     2 
   May/Jul      2.60 under to 4.20 under  1,219 
   Jul/Nov     12.50 over to 8.20 over    1,088 
   Nov/Jan      0.00 under to 1.00 under      5 
 

Source: MarketsFarm, [e-mail]

(END) Dow Jones Newswires

11-21-23 1557ET