ICE Review : Canola Surges on Soy Data

WINNIPEG, Manitoba--The ICE Futures canola market surged Friday with a bullish reaction to the data in the soy complex.

Chicago soyoil gained four U.S. cents per pound while European rapeseed and Malaysian palm oil were also on the rise. Crude oil also made gains after a reported decline in U.S. stockpiles.

At midafternoon, the Canadian dollar was up more than one-tenth of a U.S. cent compared to Thursday's close.

The U.S. Agriculture Department released its acreage and quarterly grain stocks reports on Friday. The USDA forecast planted soybean acres at roughly 83 million, a drop of nearly 4 million acres.

Canadian markets will be closed on July 3 for the Canada Day holiday, while U.S. markets won't trade on July 4 for Independence Day.

About 43,175 canola contracts traded Friday, which compares with Thursday when 18,158 contracts changed hands. Spreading accounted for 20,292 of the contracts traded.

Settlement prices are in Canadian dollars per metric ton.

Months Prices Change

   Jul    729.20  unchanged 
   Nov    736.40  up 25.40 
   Jan    742.90  up 26.40 
   Mar    747.70  up 28.90 
 

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

 
   Months  Prices                    Volume 
   Jul/Nov 20.00 over to 10.50 over    285 

Nov/Jan 4.20 under to 7.00 under 5,507

Nov/Mar 6.30 under to 11.40 under 181

   Nov/May 10.00 under                  11 
   Nov/Jul 10.30 under to 11.30 under    3 

Jan/Mar 1.40 under to 5.00 under 2,954

   Jan/May  4.50 under to 6.00 under    29 
   Jan/Jul  5.30 under                  42 
   Mar/May  1.00 under to 3.50 under   761 
   May/Jul  2.00 over to 1.50 under    233 
   Jul/Nov 55.00 over to 49.60 over    140 
 

Source: MarketsFarm, [e-mail]

(END) Dow Jones Newswires

06-30-23 1548ET