WINNIPEG, Manitoba--Intercontinental Exchange canola futures were stronger on Tuesday after being closed on Monday for Remembrance Day.
Canola played catch up with the sharp gains in the Chicago soy complex yesterday, along with today's upticks. Additional support came from increases in European rapeseed and Malaysian palm oil.
Global crude oil prices were virtually unchanged, which provided little direction to the vegetable oils.
Chart-based positioning in the Canadian oilseed also contributed to the increases.
Canola crush margins were higher, which kept crushers on the buy the side.
The Canadian dollar was stronger at mid-afternoon Tuesday with the loonie at 72.97 U.S. cents compared to Friday's close of 72.36.
There were 58,832 contracts traded on Tuesday, which compares with Friday when 33,313 contracts changed hands.
Spreading accounted for 34,498 contracts traded.
Prices are in Canadian dollars per metric tonne:
Canola Price Change Jan 713.90 up 12.80 Mar 720.30 up 11.60 May 723.40 up 9.80 Jul 726.60 up 9.00
Spread trade prices are Canadian dollars and the volume represents the number of spreads:
Months Prices Volume Jan/Mar 6.20 under to 8.00 under 10,380 Jan/May 9.70 under to 10.80 under 486 Jan/Jul 13.40 under to 14.00 under 21 Jan/Nov 0.00 9 Mar/May 3.00 under to 4.70 under 4,875 Mar/Jul 6.10 under to 7.20 under 294 May/Jul 2.70 under to 4.10 under 904 Jul/Nov 14.80 over to 10.60 over 279 Nov/Jan 2.00 under 1
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
11-14-23 1537ET