WINNIPEG, Manitoba--The ICE Futures canola market traded to both sides of unchanged on Wednesday, settling narrowly mixed.
After losing over C$20 per tonne in the span of two days, values were looking oversold and in need of correction. Strength in the Chicago soy market was also supportive.
However, a lack of significant export demand remained a bearish influence in the background, with the export pace lagging well behind what moved at the same time a year ago.
Beneficial moisture in parts of Western Canada also weighed on prices. European rapeseed and Malaysian palm oil futures were both lower on the day, which also pressured the Canadian oilseed.
There were an estimated 66,616 contracts traded on Tuesday, which compares with Tuesday when 80,856 contracts traded.
Spreading accounted for 43,760 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Canola
Price Change
May 611.60 dn 0.90
Jul 623.80 up 0.30
Nov 638.20 dn 1.80
Jan 646.50 dn 1.50
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Months Prices Volume May/Jul 11.00 under to 12.30 under 9,675 May/Nov 26.60 under to 29.80 under 549 May/Jan 36.30 under to 37.70 under 8 Jul/Nov 14.20 under to 17.80 under 10,405 Jul/Jan 23.60 under to 25.10 under 6 Nov/Jan 7.70 under to 8.50 under 1,232 Jan/Mar 3.40 under to 3.80 under 5
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
04-17-24 1547ET
