ICE Review : Canola Posts Losses

WINNIPEG, Manitoba--The ICE Futures canola market was weaker on Thursday, taking some direction from Chicago soybeans and soyoil.

Malaysian palm oil and European rapeseed futures were also down on the day, accounting for some spillover selling pressure in the Canadian oilseed.

Chart-based positioning was a feature, with no real clear market-moving news to significantly push canola values one way or the other, according to a trader.

The Canadian dollar was softer on the day, providing some underlying support for canola. Solid demand from both exporters and domestic crushers also helped temper the declines.

About 22,499 canola contracts traded on Thursday, which compares with Wednesday when 30,287 contracts changed hands.

Spreading accounted for 13,528 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

 
             Price     Change 

Canola

   Mar       865.30    dn 3.70 
   May       862.60    dn 3.90 
   Jul       862.00    dn 3.80 
   Nov       831.80    dn 3.80 
 

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

 
   Months          Prices                 Volume 
   Jan/Mar    7.00 under                      64 
   Mar/May    3.40 over to 2.30 over       3,067 
   Mar/Jul    3.70 over to 3.00 over          41 
   Mar/Nov    35.50 over                      94 
   May/Jul    1.50 over to 0.40 over       2,958 
   May/Nov    32.70 over                       3 
   Jul/Nov    31.60 over to 30.00 over       530 
   Nov/Jan    2.10 under to 2.70 under         7 
 

Source: Commodity News Service Canada

Write to Phil Franz-Warkentin at [e-mail]

(END) Dow Jones Newswires

01-05-23 1534ET