WINNIPEG, Manitoba--The ICE Futures canola market was weaker Friday as speculative selling and relatively favorable Prairie weather conditions weighed on values ahead of the weekend.
Losses in Chicago soybean and European rapeseed futures contributed to the declines, although soyoil and Malaysian palm oil were both higher.
Statistics Canada is scheduled to release acreage estimates on Wednesday, and average trade guesses don't stray far from the 21.6 million acres forecast in April. The U.S. Agriculture Department is scheduled to follow with its plantings numbers on June 30.
About 36,270 canola contracts traded Friday, which compares with Thursday when 38,832 contracts changed hands.
Spreading accounted for 15,888 of the contracts traded.
Settlement prices are in Canadian dollars per metric ton.
Canola
Months Prices Change
Jul 734.00 dn 5.80 Nov 705.10 dn 10.00 Jan 710.80 dn 9.50 Mar 712.90 dn 9.20
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Months Prices Volume
Jul/Nov 37.50 over to 23.70 over 4,110
Jul/May 20.00 over to 14.00 over 38
Nov/Jan 4.40 under to 6.30 under 2,363
Nov/Mar 6.60 under to 9.20 under 40
Nov/May 9.70 under to 11.20 under 114
Jan/Mar 1.00 under to 3.00 under 766 Jan/May 2.70 under to 2.90 under 5 Mar/May 1.10 under to 2.60 under 293 Mar/Jul 1.20 under to 4.40 under 48 May/Jul 1.00 under to 2.70 under 150 Jul/Nov 49.70 over to 49.60 over 17
Source: MarketsFarm, news@marketsfarm.com
(END) Dow Jones Newswires
06-23-23 1548ET