WINNIPEG--Intercontinental Exchange canola futures were mostly higher Tuesday with another day of gains in the new crop months.
With temperatures again on the rise across the Prairies, the weather forecast was showing very little prospect of rain outside of the southern areas of Alberta and Saskatchewan. The lack of precipitation has been stressing the region's crops.
There were mixed signals from the Chicago soy complex, with soybeans and meal turning lower, while soyoil was on the upswing. As Malaysian palm oil incurred small declines, additional support for canola came from gains in European rapeseed.
At mid-afternoon the Canadian dollar was stronger with the loonie at 81.16 U.S. cents compared with Monday's close of 80.80. Nutrien said it will boost its potash production by another 500,000 metric tons in 2021. The fertilizer company announced a similar production increase earlier this month. The latest move comes after the European Union placed fresh economic sanctions on Belarus. Nutrien's total production this year could top 13.8 million metric tons.
There were 14,340 contracts traded on Tuesday, compared with Monday, when 20,382 contracts changed hands. Spreading accounted for 5,862 contracts traded.
Settlement prices are in Canadian dollars per metric ton.
Price Change
Canola Jul 742.30 dn 5.80
Nov 707.90 up 7.70
Jan 709.60 up 7.30
Mar 706.60 up 6.10
Spread trade prices are Canadian dollars and the volume represents the number of spreads:
Months Prices Volume
Jul/Nov 47.30 over to 28.00 over 584
Jul/Jan 29.60 over 5
Jul/Mar 47.10 over to 38.00 over 2
Jul/Jul 53.70 over 1
Nov/Jan 0.20 under to 2.10 under 1,811
Nov/Mar 2.50 over 5
Nov/Jul 13.30 over to 11.10 over 18
Jan/Mar 4.00 over to 2.20 over 307
Mar/May 3.30 over to 2.50 over 186
May/Jul 6.40 over to 5.60 over 10
Jul/Nov 88.00 over 2
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
06-22-21 1526ET
