ICE canola futures stay firm as crop year spread tightens

WINNIPEG, Manitoba, June 17 (Reuters) - ICE canola futures rose modestly on Tuesday as soyoil took a breather after enormous Friday and Monday gains.

• Most-traded November canola RSX5, which is the first contract month for the crop now growing in Western Canada, settled up $3.90 at $739.80 per metric ton. July RSN5, which represents the crop harvested in 2024, rose $1.40 to $744.50.

• The July-November spread has tightened to an inverse of just $4.70, after having exceeded $50 in early May. This is puzzling traders and analysts, who for months have been skeptical of official statistics suggesting that Canada would run out of physical canola before the 2025 crop comes in. If the crop is almost gone, the spread should be moving the other way, not narrowing, traders said.

• Volume slumped in the July contract on Tuesday, dropping to 12,902 contracts traded, less than half of the two previous sessions. November fell from two days of soyoil influenced trading, which had taken volume higher than 70,000, but remained higher than 40,000 on Tuesday.

• Chicago Board of Trade soyoil futures BOv1 fell 0.58% on profit-taking and weather.

• Euronext August rapeseed futures COMQ5 fell 1.16%.

• Malaysian palm oil futures FCPOc3 fell 0.73% on profit-taking and weakness in Chicago. POI/

• The Canadian dollar CAD= fell against the greenback. CAD/