ICE Review : Canola Higher Despite Losses in Soybeans

WINNIPEG, Manitoba--The ICE Futures canola market managed to show some independent strength on Wednesday, holding on to solid gains despite losses in the Chicago soy complex.

Dryness concerns across the Prairies, especially in Alberta and Saskatchewan, contributed to the gains as yields are unlikely to live up to earlier expectations.

Chart-based positioning was a feature, with the November contract testing resistance at C$800 per metric ton.

However, sharp declines in Chicago soybeans and soyoil following the release of the U.S. Agriculture Department's monthly supply/demand report put some pressure on canola, keeping the Canadian oilseed off its highs for the day.

About 46,325 canola contracts traded on Wednesday, which compares with Tuesday when 33,757 contracts changed hands.

Spreading accounted for 23,928 of the contracts traded.

Settlement prices are in Canadian dollars per metric ton.

Canola

   Months Price   Change 
   Nov    787.10  up 5.70 
   Jan    790.00  up 4.90 
   Mar    787.40  unchanged 
   May    781.40  dn 5.50 
 

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

 
   Months  Price                    Volume 
   Jul/Nov 35.60 over to 21.30 under    7 

Nov/Jan 0.80 over to 3.30 under 5,034

   Nov/Mar  7.00 over to 0.00 under   329 
   Nov/May 14.10 over to 9.10 over      7 
   Nov/Jul 26.60 over to 17.60 over     5 
   Nov/Nov 85.00 over to 73.20 over     6 

Jan/Mar 7.20 over to 2.00 over 3,764

   Jan/May 15.00 over to 8.20 over     97 
   Jan/Jul 21.70 over                   5 
   Jan/Nov 86.00 over                   5 

Mar/May 10.10 over to 3.50 over 1,738

   Mar/Jul 15.20 over                  11 
   May/Jul 12.00 over to 5.50 over    905 
   Jul/Nov 63.70 over to 60.50 over    29 
   Nov/Jan  1.90 over to 4.40 under    22 
 

Source: MarketsFarm, [e-mail]

(END) Dow Jones Newswires

07-12-23 1538ET