WINNIPEG, Manitoba--Intercontinental Exchange canola futures incurred double-digit losses on Wednesday, as the downturn in the oilseeds continued.

Pressure on canola came from declines in the Chicago soy complex, especially soyoil, as well as those in European rapeseed and Malaysian palm oil.

Global crude oil prices were attempting to recover but were still slightly lower.

A trader noted long positions were being liquidated and there was some profit-taking. He suggested that canola prices could turn around ahead of spring seeding should dry conditions persist on the Prairies.

The Canadian dollar was virtually unchanged at mid-afternoon Wednesday, with the loonie at 73.66 U.S. cents.

There were 52,945 contracts traded on Wednesday, compared to Tuesday when 35,724 contracts changed hands.

Spreading accounted for 31,704 contracts traded.

A reminder that the North American markets will be closed for Good Friday.

Prices are in Canadian dollars per metric tonne: 


 
 Canola 
        Price   Change 
 May    627.20  dn 11.30 
 Jul    637.10  dn 10.90 
 Nov    645.30  dn 10.30 
 Jan    652.40  dn 10.60

Spread trade prices are Canadian dollars and the volume represents the number of spreads: 


 
 Months                  Prices                 Volume 
 May/Jul        8.50 under to 9.90 under        9,594 
 May/Nov        16.00 under to 18.10 under        246 
 May/Jan        23.30 under to 25.20 under         21 
 Jul/Nov        7.30 under to 8.20 under        5,031 
 Nov/Jan        7.10 under to 7.60 under          348 
 Nov/Mar        9.30 under to 10.50 under         400 
 Jan/Mar        2.20 under to 3.20 under          210 
 Jan/May        0.90 under                          1 
 Mar/May        1.40 over                           1

Source: Commodity News Service Canada, news@marketsfarm.com


(END) Dow Jones Newswires

03-27-24 1525ET