WINNIPEG, Manitoba--The ICE Futures canola market was weaker Friday as losses in Chicago soybeans and soyoil spilled over to weigh on values.
Chart-based speculative selling was a feature, with canola down for the third session in a row.
A bearish reaction to the U.S. Agriculture Department's latest production and stocks estimates for soybeans weighed on the oilseed markets, with the government agency also calling for a large Canadian canola crop.
The USDA pegged Canada's 2023 canola production at 20.3 million metric tons, which would be well above the 18.5 million tons currently forecast by Agriculture and Agri-Food Canada.
Losses in European rapeseed futures were another bearish influence, although Malaysian palm oil was firmer on the day.
Seeding progress is varied across Western Canada. Forecasts look relatively favorable in most areas over the next week.
About 28,385 canola contracts traded on Friday, which compares with Thursday when 25,009 contracts changed hands.
Spreading accounted for 17,236 of the contracts traded.
Settlement prices are in Canadian dollars per metric ton.
Canola
Months Prices Change
Jul 712.90 dn 11.20 Nov 690.60 dn 11.50 Jan 695.40 dn 11.60 Mar 699.00 dn 11.90
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Months Price Volume
Jul/Nov 24.00 over to 21.20 over 7,110
Jul/Jan 18.90 over to 17.50 over 12 Jul/Mar 14.00 over to 13.90 over 62
Nov/Jan 4.00 under to 5.00 under 521
Nov/Mar 8.00 under 50
Jan/Mar 3.40 under to 3.80 under 135
Mar/May 1.30 over to 0.90 under 350 Mar/Jul 0.10 over 305 May/Jul 0.90 over to 1.50 under 73
Source: MarketsFarm, news@marketsfarm.com
(END) Dow Jones Newswires
05-12-23 1544ET