WINNIPEG, Manitoba--Intercontinental Exchange canola futures finished higher on Tuesday, in heavy trading that was quite choppy at times.
After several days of losses, there may been bargain hunting in canola that generated the turnaround.
Support for the Canadian oilseed also came from a stronger Chicago soy complex. However, European rapeseed eased back while Malaysian palm oil was down sharply on the day. Moderate upticks in global crude oil prices spilled over to the vegetable oils.
A trader cautioned canola has little to underpin it especially when there's that huge soybean crop just starting to flow out of South America.
The Canadian dollar improved at mid-afternoon Tuesday with the loonie at 74.63 U.S. cents compared to Monday's close of 74.39.
There were 61,131 contracts traded on Tuesday, compared to Monday when 47,730 contracts changed hands. Spreading accounted for 45,452 contracts traded.
Prices are in Canadian dollars per metric ton: Canola Price Change Mar 613.50 up 4.80 May 619.70 up 5.60 Jul 623.80 up 6.60 Nov 623.50 up 7.10 Spread trade prices are Canadian dollars and the volume represents the number of spreads: Months Prices Volume Mar/May 5.20 under to 6.70 under 14,344 Mar/Jul 8.00 under to 10.80 under 347 Mar/Nov 7.70 under to 10.10 under 248 May/Jul 2.70 under to 4.50 under 5,248 May/Nov 2.50 under to 3.40 under 97 Jul/Nov 1.20 over to 0.30 over 2,412 Nov/Jan 4.60 under to 4.70 under 19 Nov/Mar 1.00 under 1 Jan/Mar 3.60 over 10
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
01-30-24 1528ET