ICE Review : Canola Weakens in Choppy Trade

WINNIPEG--The ICE Futures canola market settled with small losses on Thursday after trading to both sides of unchanged in choppy activity.

Relatively favorable Prairie weather conditions and the looming harvest accounted for some of the selling pressure.

However, the futures ended off their lows for the day, with the November contract holding above the C$770-a-metric-ton level.

Gains in Chicago soybeans and a steady tone in soyoil were supportive, with European rapeseed futures also mostly higher on the day.

The U.S. Department of Agriculture is set to release updated supply/demand estimates on Friday, with positioning ahead of the data behind much of the activity in the North American grains and oilseeds on Thursday.

About 23,797 canola contracts traded on Thursday, which compares with Wednesday when 25,282 contracts changed hands.

Spreading accounted for 15,012 of the contracts traded.

Settlement prices are in Canadian dollars per metric ton.

Canola      Prices   Change 
       Nov  773.20  dn 2.70 
       Jan  778.60  dn 2.20 
       Mar  781.00  dn 1.30 
       May  779.50  dn 1.20 
 

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

Months            Prices             Volume? 
Nov/Jan  4.40 under to 5.50 under     5,522 
Nov/Mar  6.30 under to 7.90 under       172 
Jan/Mar  0.80 under to 2.50 under     1,533 
Jan/May  0.50 under                       1 
Mar/May  2.00 over to 0.40 over         154 
May/Jul  4.20 over to 2.50 over         116 
May/Nov  44.10 over                       4 
Jul/Nov  35.90 over to 30.70 over         4 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

08-10-23 1528ET