ICE Review : Canola Hits One-Month Lows

WINNIPEG, Manitoba--The ICE Futures canola market fell to its weakest levels of the past month on Tuesday, seeing follow-through selling after Monday's sharp drop.

Large old crop supplies and favorable conditions for new crop development contributed to the declines, with end-users content to watch prices trend lower.

Losses in the Chicago soy complex also weighed on canola, with European rapeseed and Malaysian palm oil also down on the day.

A weaker tone in the Canadian dollar provided underlying support, as did ideas the losses were starting to look overdone.

There were an estimated 68,027 contracts traded on Tuesday, which compares with Monday when 67,240 contracts traded.

Spreading accounted for 30,358 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

 
Canola 
        Price   Change 
 Jul    628.00  dn 6.40 
 Nov    651.20  dn 6.00 
 Jan    657.30  dn 7.10 
 Mar    661.70  dn 7.80 
 

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

 
 Months                 Prices                  Volume 
 Jul/Nov        22.20 under to 23.90 under      9,653 
 Jul/Jan        28.90 under to 30.60 under        146 
 Nov/Jan        5.20 under to 7.60 under        4,084 
 Nov/Mar        8.50 under to 12.30 under         151 
 Nov/May        11.50 under                        76 
 Jan/Mar        3.00 under to 5.40 under          901 
 Mar/May        1.00 under to 2.40 under          158 
 May/Jul        3.50 over to 2.60 over              7 
 Jul/Nov        31.00 over                          3 
 

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

(END) Dow Jones Newswires

06-04-24 1523ET