WINNIPEG, Manitoba--Intercontinental Exchange canola futures closed higher, with double-digit gains in most of the contracts.

The increases were due to a combination of the technical charts, fundamentals, weather and crop conditions on the Prairies, an analyst said Wednesday. Contracts were oversold and due for a correction, he added.

Chicago soyoil, European rapeseed and Malaysian palm oil were higher. Chicago soybeans turned lower, while soymeal remained on the downside. Choppy trading in crude oil has meant swings of support to weighing on prices.

Statistics Canada reported the May canola crush came in at 920,432 metric tons versus 769,942 a year ago. StatCan also said May canola deliveries came to 1.55 million tons compared to one million a year ago.

Ahead of StatCan's planted acres report Thursday, trade guesses for canola are 21.20 million to 21.75 million compared to agency's March estimate of 21.39 million.

While Prairie temperatures are forecast to remain in the low to mid 20 degrees Celsius, a system will bring rain across the region by the weekend.

The Canadian dollar was pulling back Wednesday at 72.98 U.S. cents compared to Tuesday's close of 73.21.

An estimated 61,528 contracts traded on Wednesday, compared to the 43,877 contracts that changed hands on Thursday. Spreading accounted for 31,176 contracts traded.


Prices are in Canadian dollars per metric ton: 


 
   Contracts  Price   Change 
   Jul        591.30  up 6.90 
   Nov        616.30  up 12.00 
   Jan        622.70  up 11.60 
   Mar        628.30  up 11.80 
 
   Spread trade prices are Canadian dollars and the volume   represents the number of spreads: 
 
   Contracts  Prices                     Volume 
   Jul/Nov    15.80 under to 29.70 under 4,050 
   Jul/Jan    24.00 under to 33.70 under    17 
   Nov/Jan     5.90 under to 7.40 under  7,719 
   Nov/Mar    11.10 under to 14.00 under   202 
   Nov/May    17.00 under to 18.20 under    21 
   Nov/Jul    16.70 under                    5 
   Jan/Mar     5.10 under to 6.70 under  2,825 
   Jan/May     9.10 under to 10.90 under   151 
   Mar/May     3.30 under to 4.40 under    583 
   May/Jul     0.20 under to 0.90 under     15

Source: MarketsFarm, news@marketsfarm.com


(END) Dow Jones Newswires

06-26-24 1545ET