Canola futures on the Intercontinental Exchange showed some independent strength on Tuesday coming out of the August long weekend. There was no trading on Monday due to the civic holiday.
United States Treasury Secretary Scott Bessent told CNBC on Tuesday that he expects the U.S. and Iran to reach a deal to reopen the Strait of Hormuz “today or tomorrow”. Hours earlier, a cargo vessel was struck off the coast of Oman near the strait.
Crude oil lost more than US$4 per barrel, while Chicago soyoil and European rapeseed were lower. Malaysian palm oil was higher.
At mid-afternoon, the Canadian dollar was down more than one-tenth of a U.S. cent compared to Friday’s close.
There were 68,314 canola contracts traded on Tuesday, compared to Friday when 54,685 contracts changed hands. Spreads accounted for 30,244 contracts in today’s trade.
Settlement prices are in Canadian dollars per metric tonne.
Nov 760.70 up 2.50
Jan 770.70 up 3.20
Mar 778.40 up 3.90
May 784.30 up 4.30
Spread trade prices are in Canadian dollars:
Nov/Jan 9.00 under to 10.40 under 8,096
Nov/Mar 15.70 under to 17.90 under 58
Nov/May 22.30 under to 23.70 under 14
Nov/Jul 25.80 under to 26.00 under 3
Jan/Mar 6.50 under to 7.80 under 4,411
Jan/May 12.00 under to 13.60 under 9
Jan/Jul 13.10 under to 16.40 under 397
Jan/Jan 52.40 over to 51.50 over 1
Mar/May 4.90 under to 6.00 under 1,215
Mar/Jul 7.40 under to 8.30 under 8
May/Jul 0.80 under to 2.80 under 621
May/Jan 80.20 over to 65.10 over 23
Jul/Nov 83.80 over to 65.00 over 266
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