ICE Closing Review: Canola posts gains

By Glen Hallick

Glacier FarmMedia – Intercontinental Exchange canola futures closed higher on Tuesday, in reclaiming a good portion of Monday’s losses amid lighter activity.

The Canadian oilseed was supported by more hikes in crude oil, with additional spillover from gains in Chicago soyoil and MATIF rapeseed. Declines in Malaysian palm oil, plus Chicago soybeans and soymeal tempered the increases.

The May contract remained above its major moving averages, after dipping below its 20-day average earlier today.

Canola crush margins added more gains, with the May position rising to C$296 per tonne above the futures.

The Canadian dollar was lower on Tuesday afternoon, with the loonie at 72.64 U.S. cents, compared to Monday’s close of 72.90.

There were 57,678 contracts traded on Tuesday, compared to 92,760 on Monday. Spreading accounted for 35,394 contracts traded.

Prices are in Canadian dollars per metric tonne:

                        Price     Change

Canola          May     723.90    up  4.80

                Jul     737.10    up  4.90

                Nov     730.20    up  3.70

                Jan     734.80    up  2.50