WINNIPEG, Manitoba--Intercontinental Exchange canola futures managed to close higher for a third-straight day on Tuesday, after recovering from late session losses.
Pressure on the Canadian oilseed came from a correction to the downside in Chicago soyoil following the latter's upward surge.
However, canola found support from gains in Chicago soybeans and soymeal as well as Malaysian palm oil and European rapeseed.
Crude oil was stronger after tensions ramped up further in the Israel-Iran conflict. The spillover from crude underpinned the vegetable oils.
An analyst said the markets are wary about rain in the Prairie forecast by this weekend. Dry conditions across the region have started to raise concerns about the new crop.
The Canadian dollar was weaker Tuesday afternoon due to a sharp upswing in its United States counterpart. The loonie fell 73.27 U.S. cents compared to Monday's close of 73.76.
There were 76,718 contracts traded on Friday, compared to 126,760 on Monday. Spreading accounted for 51,212 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change
Jul 744.50 up 1.40
Nov 739.80 up 3.90
Jan 748.70 up 4.20
Mar 754.70 up 4.40 Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Months Prices Volume Jul/Nov 8.20 over to 3.00 over 10,143 Jul/Jan 0.60 under to 4.70 under 575 Nov/Jan 8.50 under to 9.40 under 12,350 Nov/Mar 14.10 under to 15.40 under 171 Nov/Jul 21.20 under to 23.10 under 2 Nov/Nov 16.90 over to 13.60 over 82 Jan/Mar 5.30 under to 6.20 under 1,704 Jan/May 9.40 under to 10.90 under 7 Mar/May 3.80 under to 5.30 under 416 May/Jul 2.30 under to 3.50 under 103 Jul/Nov 38.00 over to 34.00 over 53
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
06-17-25 1523ET
