ICE Review : Canola Lower on Speculative Selling

WINNIPEG, Manitoba--The ICE Futures canola market was weaker Friday, taking back much of Thursday's gains with chart-based speculative selling ahead of the weekend a feature.

Losses in the Chicago soy complex accounted for some spillover weakness in canola. European rapeseed futures were also lower, although Malaysian palm oil posted small gains overnight.

Large old-crop supplies and relatively favorable Prairie weather conditions contributed to the bearish tone in canola, with end users showing little interest in bidding up the market.

Weakness in the Canadian dollar provided some underlying support.

An estimated 51,519 contracts traded on Friday, which compares with Thursday when 88,262 contracts traded.

Spreading accounted for 29,062 of the contracts traded.

Settlement prices are in Canadian dollars per metric ton.

Contracts Prices Change

   Jul       630.10  dn  9.70 
   Nov       649.50  dn 11.20 
   Jan       657.00  dn  9.80 
   Mar       662.70  dn  8.30 
 

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

 
   Contracts  Prices                     Volume 
   Jul/Nov    19.00 under to 23.00 under 8,901 
   Jul/Jan    26.70 under to 29.60 under   201 
   Nov/Jan     5.90 under to 8.00 under  3,671 
   Nov/Mar     9.90 under to 14.30 under    90 
   Nov/May    13.50 under to 18.70 under    48 
   Jan/Mar     3.60 under to 6.40 under  1,039 
   Jan/May     7.30 under to 11.00 under    45 
   Mar/May     3.00 under to 5.00 under    512 
   May/Jul     2.50 over to 1.40 over       12 
   Jul/Nov    38.20 over to 37.20 over      12 
 

Source: MarketsFarm, [e-mail]

(END) Dow Jones Newswires

06-07-24 1559ET