WINNIPEG, Manitoba--Intercontinental Exchange canola futures couldn't hang on to small gains Thursday, after attempting to recover from a series of losses.
The U.S. Department of Agriculture's prospective plantings report and the report on grain stocks as of March 1 seemed to have something of a positive effect on the markets, with spillover finding its way into canola.
While support for the Canadian oilseed came from moderate upticks in Chicago soyoil, losses in soybeans and soymeal, weighed on values. Added pressure came from declines in European rapeseed and Malaysian palm oil. However, increases in global crude oil prices tried to cap further decreases in the oilseeds.
The Canadian dollar was higher at mid-afternoon Thursday, with the loonie at 73.84 U.S. cents, compared to Wednesday's close of 73.60.
There were 43,635 contracts traded on Thursday, compared to Wednesday when 52,945 contracts changed hands. Spreading accounted for 26,070 contracts traded.
The North American markets will be closed tomorrow for Good Friday.
Prices are in Canadian dollars per metric ton: Canola Price Change May 626.40 dn 0.80 Jul 636.10 dn 1.00 Nov 645.10 dn 0.20 Jan 652.20 dn 0.20 Spread trade prices are Canadian dollars and the volume represents the number of spreads: Months Prices Volume May/Jul 9.00 under to 9.90 under 7,578 May/Nov 17.30 under to 18.70 under 290 Jul/Nov 7.80 under to 9.00 under 4,963 Nov/Jan 6.80 under to 7.40 under 202 Jan/Mar 2.40 under to 2.60 under 2
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
03-28-24 1526ET
