WINNIPEG, Manitoba--The ICE Futures canola market continued to show weakness, along with soybeans.
The U.S. Agriculture Department released its monthly World Agricultural Supply/Demand Estimates earlier Thursday. The report prompted a bearish reaction on the Chicago Board of Trade, including a sharp drop in soybean prices which spilled over into canola.
Soymeal, European rapeseed and Malaysian palm oil were also mostly lower.
Gains in Chicago soyoil provided some support.
At midafternoon, the Canadian dollar was steady compared to Wednesday's close.
There were 26,679 canola contracts traded on Thursday, which compares with Wednesday when 34,458 contracts changed hands. Spreading accounted for 12,224 of the contracts traded.
Settlement prices are in Canadian dollars per metric ton.
Contracts Price Change Jan 687.10 dn 12.20 Mar 696.00 dn 11.00 May 702.20 dn 10.60 Jul 707.00 dn 10.50
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Contracts Prices Volume Jan/Mar 7.30 under to 9.00 under 3,341 Jan/May 13.60 under to 15.00 under 107 Jan/Jul 18.40 under to 20.20 under 569 Jan/Nov 8.30 under to 8.50 under 3 Mar/May 5.70 under to 6.50 under 978 Mar/Jul 10.70 under to 11.30 under 139 May/Jul 4.50 under to 5.20 under 680 May/Nov 5.50 over to 5.40 over 8 Jul/Nov 12.40 over to 10.10 over 268
Source: MarketsFarm, news@marketsfarm.com
(END) Dow Jones Newswires
11-09-23 1608ET