ICE Review : Canola Corrects Lower After Early Gains

WINNIPEG--The ICE Futures canola market was mostly lower at Tuesday's close, retreating from earlier gains as traders booked profits on their large long positions.

The old crop July contract hit fresh highs in early trade before turning lower as the day progressed. Strength in Chicago Board of Trade soyoil futures and Malaysian palm oil provided some underlying support, although European rapeseed was down on the day. Tight old crop supplies and uncertainty over new crop protection remained supportive from a fundamental standpoint.

Persistent rains in the eastern Prairies continue to slow seeding progress in the region. However, forecasts calling for some much needed precipitation in Alberta will be beneficial for crops there.

About 17,968 canola contracts traded Tuesday, which compares with Monday when 11,121 contracts changed hands. Spreading accounted for 10,710 of the contracts traded.

Settlement prices are in Canadian dollars per metric ton.

 
                  Price    Change 
Canola     Jul  1,190.00  dn 6.00 
           Nov  1,095.10  dn 9.70 
           Jan  1,099.60  dn 8.20 
           Mar  1,101.00  dn 3.30 
 

Spread trade prices are in Canadian dollars and the volume represents the number of spreads:

 
          Months             Prices             Volume 
         Jul/Nov  107.00 over  to  89.00 over    2,510 
         Jul/Jan   91.80 over                       1 
         Jul/Mar   95.90 over  to  86.50 over      300 
         Nov/Jan    2.80 under to   4.60 under   2,185 
         Nov/May    9.20 over  to   8.50 over       21 
         Jan/Mar    3.00 over  to   1.90 under     333 
         Mar/May   11.00 over  to  10.20 over        5 
 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

05-17-22 1549ET