WINNIPEG, Manitoba--Intercontinental Exchange canola futures continued higher on speculative fund buying.

The spec funds have been largely behind the rise in canola prices as they hold a record short position, an analyst said Wednesday.

Support for the Canadian oilseed also came from increases in Chicago soyoil and Malaysian palm oil. Losses in European rapeseed along with Chicago soybeans and soyoil tried to cap further gains in canola.

Lower global crude-oil prices put pressure on the vegetable oils.

Canola crush margins climbed to just short of C$263 per metric ton above futures.

The Canadian dollar was higher at 73.10 U.S. cents compared to Tuesday's close of 72.86.

There were 41,764 contracts traded on Wednesday, which compares with Tuesday when 58,832 contracts changed hands. Spreading accounted for 24,552 contracts traded.


Prices are in Canadian dollars per metric ton:


Canola

Contracts Price Change 


   Jan        719.50 up 5.60 
   Mar        725.10 up 4.80 
   May        728.50 up 5.10 
   Jul        731.40 up 4.80 
 
   Spread trade prices are Canadian dollars and the volume   represents the number of spreads: 
 
   Months  Prices                     Volume

Jan/Mar 4.60 under to 6.90 under 8,022 


   Jan/May  8.10 under to 10.80 under   619 
   Jan/Jul 11.60 under to 14.60 under    47

Mar/May 2.60 under to 4.70 under 2,847 


   Mar/Jul  6.30 under to 7.60 under     10 
   May/Jul  2.50 under to 3.80 under    558 
   Jul/Nov 15.00 over to 12.90 over     156 
   Nov/Jan  1.00 under                   17

Source: MarketsFarm, news@marketsfarm.com


(END) Dow Jones Newswires

11-15-23 1552ET