WINNIPEG, Manitoba--Intercontinental Exchange canola futures fell hard, getting pressure from declines in comparable oils.
A trader emphasized Tuesday that canola has turned weaker largely because of sharp losses in Chicago soyoil. Demand has been reduced for soyoil from the biofuel sector, he said. Forecasts of rain for the Prairies continued to weigh on values.
The Chicago soy complex, European rapeseed and Malaysian palm oil were down Tuesday. Modest declines in crude-oil prices added pressure to the oilseeds.
The July canola contract fell below is 20-day, 50-day and 100-day moving averages. Canola crush margins dropped to their lowest levels in more than a year.
The Canadian dollar was weaker because of sharp upticks in the U.S. dollar and a lackluster economic report from Statistics Canada. The loonie fell to 72.65 U.S. cents compared to Monday's close of 73.22.
An estimated 43,539 contracts traded on Tuesday, compared to Monday when 41,290 contracts changed hands. Spreading accounted for 19,138 contracts traded.
Prices are in Canadian dollars per metric ton:
Contracts Price Change Jul 618.00 dn 15.00 Nov 635.00 dn 14.10 Jan 643.80 dn 13.30 Mar 649.20 dn 12.30
Spread trade prices are Canadian dollars and the volume represents the number of spreads:
Months Prices Volume May/Jul 14.00 under to 14.20 under 27
Jul/Nov 15.60 under to 17.00 under 7,488
Jul/Jan 23.60 under to 25.80 under 119 Nov/Jan 7.60 under to 9.00 under 1,360 Nov/Mar 11.90 under to 13.60 under 31 Nov/May 13.50 under to 14.10 under 23 Jan/Mar 3.80 under to 5.60 under 280 Mar/May 0.80 over to 3.20 under 239 May/Jul 4.50 over to 3.10 over 2
Source: MarketsFarm, news@marketsfarm.com
(END) Dow Jones Newswires
04-30-24 1534ET