WINNIPEG--The ICE Futures canola market was stronger Thursday, seeing a continuation of Wednesday's correction off nearby lows as gains in outside markets provided spillover support.
Chicago soybeans and soyoil were higher on the day, underpinned by solid export demand and ongoing South American production uncertainty. European rapeseed and Malaysian palm oil futures were also stronger.
Chart-based speculative buying was a feature in the canola market, with both the March and May contracts holding above the psychological C$800 per-metric-ton mark.
Strength in the Canadian dollar and expectations for increased export competition from Australia tempered advances.
About 45,184 canola contracts traded Thursday, which compares with Wednesday when 35,481 contracts changed hands.
Spreading accounted for 36,060 of the contracts traded.
Settlement prices are in Canadian dollars per metric ton.
Canola
Prices Change
Mar 806.10 up 5.60
May 807.10 up 7.50
Jul 809.50 up 8.60
Nov 794.50 up 8.20
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Prices Volume
Mar/May 1.10 over to 2.00 under 9,500
Mar/Jul 1.00 under to 3.90 under 1,119
Mar/Nov 12.50 over to 12.00 over 37
May/Jul 1.10 under to 2.80 under 4,088
May/Nov 13.80 over to 12.50 over 909
Jul/Nov 16.10 over to 14.40 over 2,360
Nov/Jan 2.50 under 17
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
01-26-23 1530ET
