WINNIPEG, Manitoba--Intercontinental Exchange canola futures closed mostly higher as trading bounced back and forth on either side of unchanged.
Support for canola came from gains in European rapeseed and Chicago soyoil, but those were kept in check by losses in Chicago soybeans and soymeal. The Malaysian palm oil market was closed. Global crude-oil prices turned around to push higher, with spillover going into the oilseeds.
An analyst on Wednesday noted May canola's 20-day and 100-day moving averages were converging, which suggested the oilseed is about to move either way.
Canola should break out of its narrow movement of the last few days as it receives guidance from the U.S. Agriculture Department's April supply and demand report, a trader said. Those shifts in canola will be determined by where the USDA places soybean ending stocks and South American soybean production, he said.
The Canadian dollar was falling hard Wednesday because of a sharp uptick in the U.S. dollar, to 73.09 U.S. cents compared to Tuesday's close of 73.65.
An estimated 56,952 contracts traded on Wednesday, compared to Tuesday when 50,655 contracts changed hands. Spreading accounted for 43,020 contracts traded.
Prices are in Canadian dollars per metric ton:
Contracts Price Change May 638.30 dn 0.50 Jul 649.10 up 1.00 Nov 658.70 up 1.30 Jan 665.30 up 1.00
Spread trade prices are Canadian dollars and the volume represents the number of spreads:
Contracts Prices Volume May/Jul 8.50 under to 10.70 under 16,978 May/Nov 18.20 under to 20.30 under 340 Jul/Nov 9.10 under to 9.90 under 3,959 Jul/Jan 15.60 under to 16.40 under 28 Nov/Jan 6.30 under to 7.00 under 195 Jan/Mar 2.10 under to 2.40 under 7 Mar/May 2.00 over 3
Source: MarketsFarm, news@marketsfarm.com
(END) Dow Jones Newswires
04-10-24 1539ET
