WINNIPEG, Manitoba--The ICE Futures canola market held onto small gains Wednesday, but settled well off its highs for the day after profit-taking came forward to weigh on values.
Spillover buying interest from soybeans and soyoil at the Chicago Board of Trade provided support, with European rapeseed and Malaysian palm oil also stronger on the day.
Ongoing concerns over tight supplies and the need to ration demand remained supportive, although ideas that canola prices may be high enough for the time being tempered the upside.
About 14,820 canola contracts traded on Wednesday, which compares with Tuesday when 18,802 contracts changed hands.
Spreading accounted for 7,318 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Price Change
Canola
Mar 1,023.00 up 1.60 May 1,000.70 up 2.30 Jul 952.00 up 2.00 Nov 785.90 up 0.90
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Months Prices Volume Mar/May 23.40 over to 20.50 over 2,053 Mar/Jul 73.80 over to 66.80 over 96 Mar/Nov 240.00 over to 227.40 over 274 May/Jul 51.30 over to 45.80 over 873 May/Nov 209.50 over to 205.70 over 12 Jul/Nov 168.90 over to 158.30 over 351
Source: Commodity News Service Canada
Write to Phil Franz-Warkentin at news@marketsfarm.com
(END) Dow Jones Newswires
01-05-22 1532ET