WINNIPEG, Manitoba--Intercontinental Exchange canola futures closed lower in an about-face following the release the U.S. Agriculture Department report on global oilseeds.
Much like Statistics Canada at the beginning of this week, the USDA on Friday upped its call on Canadian canola production for 2023-24. The latter raised its output number by one million metric tons at 18.8 million and increased ending stocks 466,000 tons to 1.67 million. StatCan said on Dec. 4 that this year's canola harvest was 18.3 million tons, up by about 900,000 from its September outlook.
Agriculture and Agri-Food Canada is scheduled to publish its estimate of canola ending stocks later this month.
There was a turnaround as well in the Chicago soy complex, with soyoil hit hard.
However, European rapeseed and Malaysian palm oil traded to the upside. Gains in global crude-oil prices gave support to the vegetable oils.
The Canadian dollar nudged up Friday at 73.62 U.S. cents compared to Thursday's close of 73.55.
There were 53,751 contracts traded on Friday, which compares with Thursday when 51,615 contracts changed hands. Spreading accounted for 39,200 contracts traded.
Prices are in Canadian dollars per metric ton:
Price Change
Canola
Jan 660.00 dn 6.60
Mar 667.00 dn 8.20
May 674.20 dn 8.60
Jul 679.10 dn 9.20
Spread trade prices are Canadian dollars and the volume represents the number of spreads:
Prices Volume Jan/Mar 6.60 under to 8.90 under 12,716
Jan/May 14.00 under to 15.40 under 176 Jan/Jul 18.10 under to 21.00 under 263 Jan/Nov 15.70 under to 16.50 under 3 Mar/May 6.50 under to 8.00 under 4,372 Mar/Jul 10.80 under to 12.50 under 209 May/Jul 4.10 under to 6.30 under 1,458 Jul/Nov 3.40 over to 1.10 over 379 Nov/Jan 1.00 under to 1.50 under 24
Source: MarketsFarm, news@marketsfarm.com
(END) Dow Jones Newswires
12-08-23 1608ET
