WINNIPEG, Manitoba--The ICE Futures canola market was stronger on Tuesday as activity resumed following the long weekend.
Chart-based speculative buying was a feature with some stops hit on the way up.
A rally in Chicago soyoil and soybeans accounted for some spillover buying interest in canola, with a softer tone in the Canadian dollar also supportive.
Production uncertainty for Argentina's soybean crop provided the catalyst for the gains in world oilseed markets today, after parts of the South American country were hit by frost over the weekend.
About 43,235 canola contracts traded on Tuesday, which compares with Friday when 31,794 contracts changed hands.
Spreading accounted for 27,416 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Price Change
Canola
Mar 838.50 up 10.10
May 831.90 up 11.60
Jul 830.20 up 12.10
Nov 811.30 up 11.00
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Months Prices Volume Mar/May 8.80 over to 6.10 over 3,781 Mar/Jul 9.00 over to 7.80 over 596 Mar/Nov 27.00 over to 26.90 over 3 May/Jul 3.40 over to 0.50 over 7,105 May/Nov 21.80 over to 20.50 over 21 Jul/Nov 20.70 over to 17.40 over 2,176 Nov/Jan 4.60 under to 5.10 under 24 Jan/Mar 2.20 under 2
Source: Commodity News Service Canada
Write to Phil Franz-Warkentin at news@marketsfarm.com
(END) Dow Jones Newswires
02-21-23 1539ET
