WINNIPEG, Manitoba--Intercontinental Exchange canola futures tacked on slight gains Wednesday, taking back a little bit of the sharp losses they incurred this week.
An analyst pointed to canola being oversold along with farmers holding back the oilseed until cash prices improved.
Additional support for canola came from gains in Chicago soybeans and soymeal, plus Malaysian palm oil. However, declines in Chicago soyoil and Malaysian palm oil limited the upside.
Manitoba reported its provincewide harvest was about two-thirds complete with canola a little more than halfway finished.
Temperatures across the Prairies were forecast to be modest while rain was to fall on the northern parts of Alberta and Saskatchewan, plus the latter's southeast corner.
After pushing higher earlier today, the Canadian dollar was virtually unchanged by mid-afternoon Wednesday with the loonie at 74.47 U.S. cents.
There were 38,412 contracts traded on Wednesday, which compares with Tuesday when 50,521 contracts changed hands.
Spreading accounted for 22,438 contracts traded.
Prices are in Canadian dollars per metric tonne:
Canola
Price Change
Nov 736.10 up 1.80
Jan 745.10 up 1.50
Mar 751.70 up 1.20
May 757.50 up 0.20
Spread trade prices are Canadian dollars and the volume represents the number of spreads:
Months Prices Volume Nov/Jan 8.20 under to 9.60 under 5,765 Nov/Mar 14.70 under to 16.20 under 183 Nov/May 20.40 under to 22.90 under 624 Nov/Jul 24.40 under to 27.00 under 62 Nov/Nov 5.00 over to 4.50 over 11 Jan/Mar 5.90 under to 7.00 under 2,157 Jan/May 12.00 under to 13.00 under 54 Jan/Jul 15.40 under 1 Jan/Nov 12.00 over 4 Mar/May 5.40 under to 6.80 under 2,288 Mar/Jul 9.40 under to 9.60 under 2 May/Jul 3.50 under to 4.60 under 66 Jul/Nov 28.30 over 2
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
09-20-23 1534ET
