WINNIPEG, Manitoba--Intercontinental Exchange (ICE) canola futures were stronger on Tuesday due to ongoing concerns about tight supplies and dry conditions across the Prairies.
A trader commented the rolling out of the November contract into January was a major feature in today's trading. He added that crushers and other buyers are worried about the small amount of canola available on the market and are buying as much as they can.
Additional support came from increases in European rapeseed and on the Chicago soy complex. Some pressure came from slightly lower Malaysian palm oil values.
At mid-afternoon the Canadian dollar was a pinch higher with the loonie at 80.87 U.S. cents, compared to Monday's close of 80.81.
There were 36,426 contracts traded on Tuesday, which compares with Monday when 19,758 contracts changed hands.
Spreading accounted for 25,506 contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Nov 937.80 up 16.70
Jan 932.20 up 16.90
Mar 917.80 up 17.70
May 892.70 up 17.50
Spread trade prices are Canadian dollars and the volume represents the number of spreads:
Months Prices Volume
Nov/Jan 6.00 over to 2.20 over 4,723
Nov/Mar 21.10 over to 16.00 over 310
Nov/May 43.20 over to 42.90 over 11
Nov/Jul 70.00 over 150
Nov/Nov 214.00 over 14
Jan/Mar 15.80 over to 11.40 over 3,503
Jan/May 34.40 over 1
Jan/Jul 75.50 over to 63.70 over 133
Mar/May 27.50 over to 22.20 over 2,760
Mar/Jul 57.30 over to 52.10 over 119
Mar/Nov 190.30 over to 185.50 over 100
May/Jul 33.70 over to 28.60 over 612
Jul/Nov 137.40 over to 132.60 over 311
Nov/Jan 9.70 over 1
Jan/Mar 2.60 over 5
Source: Commodity News Service Canada
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(END) Dow Jones Newswires