ICE Review : Canola Falls Despite Firm Soybeans

WINNIPEG, Manitoba--The ICE Futures canola market was weaker on Wednesday, as speculative positioning and relatively favorable Prairie weather conditions weighed on values.

Canola was also still rebalancing itself relative to the Chicago soy complex, which moved lower on Monday when Canadian markets were closed for a holiday.

However, soybeans and soyoil were both firmer on Wednesday, providing some underling support for canola.

Ideas that canola is looking cheap compared to other oilseeds also helped temper the declines.

About 25,282 canola contracts traded on Wednesday, which compares with Tuesday when 32,573 contracts changed hands.

Spreading accounted for 12,790 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

 
 Canola 
        Prices   Change 
 Nov    775.90   dn 15.00 
 Jan    780.80   dn 14.20 
 Mar    782.30   dn 14.20 
 May    780.70   dn 14.40 
 

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

 
 Months             Prices              Volume 
 Nov/Jan     3.60 under to 5.00 under   5,196 
 Nov/Mar     4.50 under to 6.90 under     175 
 Jan/Mar     0.40 under to 2.00 under     930 
 Jan/May     0.10 under                     3 
 Mar/May     2.70 over to 1.10 over        55 
 Mar/Jul     6.20 over                     13 
 May/Jul     4.60 over to 4.00 over        20 
 Jul/Nov     36.80 over to 36.10 over       3 
 

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

(END) Dow Jones Newswires

08-09-23 1557ET