WINNIPEG, Manitoba--The ICE Futures canola market was weaker on Tuesday after a choppy trading day that saw prices hold within a relatively narrow range.
Losses in Chicago soybeans accounted for some spillover selling pressure in the Canadian oilseed, but soyoil recovered from its own lows and was higher by the close.
Overnight gains in Malaysian palm oil were also supportive, while European rapeseed was lower.
Wide crush margins remain a supportive influence, with domestic processors operating at close to full capacity.
However, supplies in the commercial pipeline are thought to be comfortable for the time being, limiting end user demand.
About 25,190 canola contracts traded on Tuesday, which compares with Monday when 31,078 contracts changed hands.
Spreading accounted for 18,070 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Canola Price Change Mar 826.10 dn 3.10 May 817.70 dn 3.10 Jul 815.00 dn 2.40 Nov 791.50 dn 3.50
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Months Prices Volume Mar/May 9.80 over to 7.90 over 3,628 Mar/Jul 13.00 over to 11.10 over 443 Mar/Nov 35.20 over 2 May/Jul 3.60 over to 2.50 over 2,466 May/Nov 26.00 over to 25.30 over 602 Jul/Nov 24.00 over to 21.60 over 1,620 Nov/Jan 4.50 under to 5.00 under 274
Source: Commodity News Service Canada
Write to Phil Franz-Warkentin at news@marketsfarm.com
(END) Dow Jones Newswires
02-14-23 1529ET