WINNIPEG, Manitoba--The ICE Futures canola market posted solid gains on Thursday, seeing a continuation of Wednesday's corrective bounce.
Chart-based speculative buying was a feature, with some stops likely hit as contracts moved back above some key technical levels.
Gains in Chicago soybeans and European rapeseed futures provided spillover support. However, soyoil and Malaysian palm oil held closer to unchanged.
Canada exported 672,000 tonnes of canola in March, according to monthly export data, with China the largest destination at 507,300 tonnes. Total canola exports through the 2023/24 marketing year-to-date came in at 4.071 million tonnes, which was well behind the 6.039 million tonnes moved by the same time the previous year.
There were an estimated 35,396 contracts traded on Thursday, which compares with Wednesday when 34,494 contracts traded.
Spreading accounted for 13,776 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Canola Price Change Jul 636.90 up 11.20 Nov 652.10 up 9.50 Jan 660.50 up 9.00 Mar 665.20 up 8.40
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Months Prices Volume Jul/Nov 15.00 under to 17.10 under 5,950 Jul/Jan 23.50 under to 25.10 under 114 Nov/Jan 8.20 under to 8.90 under 720 Jan/Mar 4.50 under to 5.30 under 76 Mar/May 1.00 under to 2.30 under 24 May/Jul 3.10 over to 2.90 over 4
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
05-02-24 1546ET