ICE Review : Canola Corrects Lower

WINNIPEG, Manitoba--The ICE Futures canola market was weaker at Thursday's close, seeing a profit-taking correction after recent gains.

Losses in Chicago soybeans and European rapeseed futures accounted for some spillover selling pressure, although soyoil managed to post small gains after Wednesday's limit-down losses.

Crop conditions remain relatively favorable across most of the Prairies, with the latest report out of Saskatchewan placing the canola crop there at 77 percent good-to-excellent.

In addition, much of southern Manitoba was receiving widespread rains on Thursday, easing dryness concerns in the region.

Statistics Canada releases updated acreage estimates next week Wednesday, while the United States Department of Agriculture follows with its area numbers on June 30.

About 38,832 canola contracts traded on Thursday, which compares with Wednesday when 48,810 contracts changed hands.

Spreading accounted for 19,932 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

 
 Canola 
        Price       Change 
 Jul    739.80      dn 5.50 
 Nov    715.10      dn 5.50 
 Jan    720.30      dn 6.30 
 Mar    722.10      dn 6.60 
 

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

 
 Months                Prices               Volume 
 Jul/Nov        32.40 over to 24.40 over    4,873 
 Jul/Jan        22.50 over                      1 
 Jul/May        22.40 over to 16.20 over      400 
 Jul/Jul        22.70 over to 16.60 over      401 
 Nov/Jan        4.60 under to 6.40 under    2,195 
 Nov/Mar        6.10 under to 8.40 under       32 
 Nov/May        8.00 under to 9.40 under       13 
 Nov/Jul        7.30 under                     69 
 Jan/Mar        0.30 under to 3.00 under    1,140 
 Mar/May        0.30 under to 2.10 under      632 
 May/Jul        1.00 over to 1.10 under       210 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

06-22-23 1530ET