WINNIPEG, Manitoba--The ICE Futures canola market was weaker on Wednesday, with profit-taking after recent gains behind some of the selling pressure.
Widespread Prairie rains contributed to the declines as drought concerns eased. Increased farmer selling, a lack of significant export demand and expectations for large ending stocks also weighed on values.
Losses in the Chicago soy complex were also bearish for canola, although European rapeseed futures held onto small gains.
There were an estimated 54,616 contracts traded on Wednesday, which compares with Tuesday when 73,055 contracts traded.
Spreading accounted for 24,256 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Canola
Price Change
Jul 656.70 dn 10.40
Nov 673.40 dn 8.00
Jan 678.90 dn 7.80
Mar 681.90 dn 7.60
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Months Prices Volume Jul/Nov 13.50 under to 17.00 under 10,152 Jul/Jan 18.50 under to 22.70 under 101 Nov/Jan 4.60 under to 5.70 under 1,727 Jan/Mar 2.50 under to 3.30 under 106 Mar/May 2.00 over to 1.80 over 25 May/Jul 5.00 over 17
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
05-08-24 1539ET
