WINNIPEG, Manitoba--Intercontinental Exchange canola futures closed steady to higher, as most contracts barely hung on to their gains.
Support came Tuesday from upticks in European rapeseed and Malaysian palm oil.
However, pressure from losses in the Chicago soy complex almost proved to be too much for canola.
Concerns about dry conditions across the Prairies could be alleviated next week with precipitation in the forecast.
The May contract finished slightly below its 100-day moving average after hovering near it for most of the session.
The U.S. Agriculture Department attache in Vienna placed European Union rapeseed production for 2024-25 at 18.80 million metric tons, down 4.4% from last year. The USDA attache in Brisbane projected Australian canola output to rise to 6.50 million tons.
The Canadian dollar is virtually unchanged at 73.62 U.S. cents.
An estimated 50,655 contracts traded on Tuesday, compared to Monday when 45,740 contracts changed hands. Spreading accounted for 33,444 contracts traded.
Prices are in Canadian dollars per metric ton:
Contracts Price Change May 639.30 up 1.00 Jul 648.10 unchanged Nov 657.40 up 1.00 Jan 664.30 up 0.70 Spread trade prices are Canadian dollars and the volume represents the number of spreads: Months Prices Volume
May/Jul 8.50 under to 10.10 under 12,119
May/Nov 17.70 under to 18.80 under 408 Jul/Nov 8.20 under to 9.50 under 3,818 Nov/Jan 6.70 under to 7.30 under 377
Source: MarketsFarm, news@marketsfarm.com
(END) Dow Jones Newswires
04-09-24 1551ET
