WINNIPEG, Manitoba--The ICE Futures canola market posted gains for the fifth-straight session on Tuesday, hitting its strongest levels of 2024.

Speculative short covering was a feature, as bullish chart signals remained pointed higher, according to participants. The November contract settled above its 200-day moving average for the first time in five months, while the nearby July contract neared major resistance at C$670 per ton.

Gains in Chicago soyoil and Malaysian palm oil provided additional spillover support. However, soybeans were mixed and European rapeseed was weaker on the day.

Canadian canola stocks as of March 31, 2024, came in at 8.3 million tons, which was up over a million tons from the same time a year ago, but in line with trade expectations.

Rains in Western Canada may cause some seeding delays but will be beneficial for crops in the long run, bringing much needed moisture to dry regions of the Prairies.

There were an estimated 73,055 contracts traded on Tuesday, which compares with Monday when 76,598 contracts traded.

Spreading accounted for 33,634 of the contracts traded.

Settlement prices are in Canadian dollars per metric ton.


Canola 


    Price  Change 
Jul 667.10 up 6.20 
Nov 681.40 up 6.00 
Jan 686.70 up 4.90 
Mar 689.50 up 4.80

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


MonthsPricesVolume 


 
Jul/Nov 
 
 
 
12.70 under to 15.00 under 
 
 
13,900 
 
Jul/Jan 
 
 
 
18.10 under to 21.20 under 
 
 
31 
 
Nov/Jan 
 
 
 
4.70 under to 6.80   under 
 
 
2,619 
 
Nov/Nov 
 
 
 
40.00 over 
 
 
 
 
10 
 
Jan/Mar 
 
 
 
2.20 under to 3.20   under 
 
 
224 
 
Mar/May 
 
 
 
2.40 over to 2.00    over 
 
 
22 
 
May/Jul 
 
 
 
5.00 over to 4.70    over 
 
 
11

Source: Commodity News Service Canada, news@marketsfarm.com


(END) Dow Jones Newswires

05-07-24 1551ET