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ICE canola futures fall despite rise among oilseed rivals

Published 2021-03-23, 03:02 p/m

(All figures in Canadian dollars unless noted)

WINNIPEG, Manitoba, March 23 (Reuters) - ICE (NYSE:ICE) canola futures dipped on Tuesday, snapping a two-day winning streak and bucking a higher trend among oilseed rivals.

* Canola's divergence from soybeans and palm was odd and may reflect reduced speculator buying causing "air pockets," a broker said. Canadian cash prices remain firm and supplies are dwindling, the broker added.

* May canola RSK1 lost $13.10 or 1.6% to $782.80 per tonne.

* Canola crush margins remain profitable, underpinning prices, analyst Wayne Palmer said.

* May-July canola spread traded 3,259 times.

* U.S. soybean futures Sv1 climbed as global edible oil supplies tightened. GRA/

* Euronext May rapeseed futures /COMK1 and Malaysian June palm oil futures /FCPOM1 gained ground.

* U.S. green energy push sets global edible oil prices alight, raises food inflation fears.

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