WINNIPEG, Manitoba--The ICE Futures canola market was stronger Friday, boosted by chart-based buying as speculators adjusted positions ahead of the long weekend.
The canola market will be closed Monday, Feb. 20, for Louis Riel Day, while markets in the U.S. will be closed for Presidents Day.
Strength in Malaysian palm oil and European rapeseed futures provided spillover support for canola, with Chicago soybeans also up on the day. However, losses in soyoil did temper the gains in canola to some extent.
Weekly Canadian canola exports of 181,800 metric tons during the week ended Feb. 12 were down by 13% from the previous week, although crop-year-to-date exports of 4.69 million tons remain well ahead of the 3.60 million moved by the same point the previous year.
About 31,794 canola contracts traded Friday, which compares with Thursday, when 44,049 contracts changed hands. Spreading accounted for 15,762 of the contracts traded.
Settlement prices are in Canadian dollars per metric ton.
Price Change Canola Mar 828.40 up 4.90 May 820.30 up 2.10 Jul 818.10 up 2.30 Nov 800.30 up 1.70
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Prices Volume Mar/May 8.90 over to 4.10 over 3,086 Mar/Jul 9.70 over to 8.50 over 47 May/Jul 3.20 over to 1.30 over 3,358 May/Nov 21.10 over 1 Jul/Nov 18.90 over to 16.50 over 1,315 Nov/Jan 4.70 under to 5.70 under 74
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
02-17-23 1527ET