WINNIPEG, Manitoba--Intercontinental Exchange canola futures fell back on Wednesday, giving up the gains they made yesterday.

Even without fresh bearish news, an analyst said it was "back into the tank we go," as canola prices retreated. Another analysts stated canola was oversold and that positioning ahead of the earnings report from tech giant Nvidia influenced the equity and commodities markets.

Losses in the Chicago soy complex, European rapeseed and Malaysian palm oil added to the negative tone in canola. Modest upticks in global crude oil prices attempted to limit further declines in the oilseeds.

The Canadian dollar bumped up at mid-afternoon Wednesday with the loonie at 74.04 U.S. cents compared to Tuesday's close of 73.98.

There were 46,215 contracts traded on Wednesday, compared to Tuesday when 67,009 contracts changed hands. Spreading accounted for 26,490 contracts traded.

Prices are in Canadian dollars per metric ton: 
Canola      Price       Change 
 Mar        574.00      dn 10.80 
 May        584.10      dn 9.30 
 Jul        593.40      dn 8.70 
 Nov        600.10      dn 7.50 
Spread trade prices are Canadian dollars and the volume represents the number of spreads: 
Months                Prices               Volume 
Mar/May      7.70 under to 10.70 under      7,598 
Mar/Jul     18.00 under to 19.00 under         59 
Mar/Nov     25.80 under to 25.90 under          5 
May/Jul      8.10 under to 9.40 under       3,426 
May/Nov     13.20 under to 15.90 under         43 
May/Jan     21.10 under to 21.50 under          5 
Jul/Nov      4.90 under to 6.50 under       1,790 
Nov/Jan      4.70 under to 6.40 under         319 

Source: Commodity News Service Canada,

(END) Dow Jones Newswires

02-21-24 1531ET