WINNIPEG, Manitoba--The ICE Futures canola market was stronger as spillover from gains in outside markets provided support.
Chicago soyoil, Malaysian palm oil and European rapeseed futures were all higher on Friday, with speculative positioning ahead of the weekend a feature.
Canadian markets will be closed Monday for Victoria Day.
The new-crop November contract moved back above its 200-day moving average, which was supportive from a technical standpoint.
Concerns over seeding delays across the Prairies after recent rain helped underpin the futures, despite ideas the moisture will be good for production in the long run.
Weekly Canadian canola exports of 322,800 metric tons were roughly double what moved the previous week, according to Canadian Grain Commission data. However, total canola exports through 41 weeks of the 2023-24 marketing year at 5.1 million tons were still running about 26% behind the year-ago pace.
An estimated 41,842 contracts traded on Friday, which compares with 34,218 contracts traded Thursday.
Spreading accounted for 25,870 of the contracts traded.
Settlement prices are in Canadian dollars per metric ton.
Contracts Prices Change
Jul 661.10 up 9.60 Nov 680.90 up 7.70 Jan 688.90 up 7.10 Mar 696.30 up 6.70
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Contracts Prices Volume Jul/Nov 19.10 under to 23.20 under 9,061 Jul/Jan 27.30 under to 30.60 under 141 Jul/Mar 35.70 under 2 Jul/May 40.10 under to 40.90 under 4 Nov/Jan 7.70 under to 8.60 under 1,569 Nov/Mar 15.50 under 220 Nov/May 19.30 under to 20.50 under 17 Jan/Mar 6.90 under to 7.70 under 817 Mar/May 1.70 under to 5.10 under 869 May/Jul 4.90 over to 2.50 over 97 Jul/Nov 45.00 over to 40.00 over 138
Source: MarketsFarm, news@marketsfarm.com
(END) Dow Jones Newswires
05-17-24 1546ET
