ICE Review : Canola Slightly Lower After Choppy Trade Ahead of Holiday

WINNIPEG, Manitoba--The ICE Futures canola market settled with small losses Friday after trading both sides of unchanged in choppy activity.

Canadian markets will be closed Monday for Thanksgiving, and positioning ahead of the long weekend was a feature.

The nearby November contract continued to test chart support at C$710 per metric ton but managed to close above the psychological level.

Losses in Chicago soybeans accounted for some spillover selling pressure. Soyoil and European rapeseed futures were mostly higher.

Wide crush margins remained a supportive influence for canola, keeping domestic processors on the buy side. Waning harvest pressure was also supportive, with most of the canola off the fields across Western Canada.

An estimated 32,839 contracts traded on Friday, which compares with Thursday when 51,297 contracts traded.

Spreading accounted for 23,578 of the contracts traded.

Settlement prices are in Canadian dollars per metric ton.

Canola

 
   Contracts  Price   Change 
   Nov        710.60  dn 0.60 
   Jan        717.50  dn 1.80 
   Mar        725.40  dn 2.20 
   May        730.40  dn 1.70 
 

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

 
   Contracts  Prices                     Volume 
   Nov/Jan     6.70 under to 8.30 under  6,649 
   Nov/Mar    13.90 under to 16.10 under 1,245 
   Nov/May    18.60 under to 19.20 under   110 
   Nov/Jul    22.00 under                    3 
   Nov/Nov     3.20 under                   20 
   Jan/Mar     7.00 under to 8.30 under  2,410 
   Jan/May    11.50 under to 13.00 under     9 
   Mar/May     3.80 under to 5.20 under    894 
   May/Jul     3.60 under to 4.50 under    433 
   Jul/Nov    19.30 over to 18.00 over      16 
 

Source: MarketsFarm, [e-mail],

(END) Dow Jones Newswires

10-06-23 1545ET