WINNIPEG, Manitoba--The ICE Futures canola market rallied to close higher after earlier losses on Wednesday as agricultural markets reacted to the latest supply/demand estimates from the United States Department of Agriculture.
While the USDA numbers included only a few changes, soyoil futures settled with small gains and soybeans showed some recovery after hitting nearby lows. Crude oil and Malaysian palm oil were both higher, while European rapeseed was down.
Unsettled weather is forecast to continue in the Prairies over the next five days. North and central regions could see between 25 to 75 millimetres of rain, while southern parts could see 10 to 25 mm.
At mid-afternoon, the Canadian dollar was up three-tenths of a U.S. cent compared to Tuesday's close. The U.S. Federal Reserve announced today it will keep its key interest rate steady.
There were 78,233 canola contracts traded on Wednesday, which compares with Tuesday when 59,208 contracts changed hands.
Spreading accounted for 54,608 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Price Change
Jul 631.90 up 4.20
Nov 648.40 up 1.60
Jan 655.20 up 2.00
Mar 658.90 up 1.30
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Months Prices Volume Jul/Nov 14.50 under to 21.00 under 21,858 Jul/Jan 21.30 under to 25.30 under 101 Jul/Mar 24.80 under to 28.70 under 58 Jul/May 27.60 under to 30.90 under 17 Nov/Jan 6.00 under to 7.50 under 3,891 Nov/Mar 9.50 under to 11.50 under 39 Jan/Mar 3.00 under to 4.40 under 1,095 Mar/May 1.70 under to 3.40 under 217 May/Jul 2.30 over to 2.10 over 13 Jul/Nov 37.30 over to 32.00 over 11 Nov/Jan 4.00 over 4
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
06-12-24 1537ET
