WINNIPEG, Manitoba--The ICE Futures canola market was lower to end the week, as speculative profit-taking saw values back away from nearby highs. Losses in crude oil and strength in the Canadian dollar contributed to the declines * Crude oil was down by two to three per cent, although continued strength in Chicago soyoil was supportive.
* The Canadian dollar hit seven-week highs relative to its United States counterpart, cutting into crush margins and making exports less attractive to international buyers.
* However, crush margins remain historically wide at about C$350 per tonne above the July futures. That's roughly triple the margins reported at the same time a year ago.
* Canada exported 194,000 tonnes of canola during the week ended April 28, which was up 40 per cent from the previous week, reported the Canadian Grain Commission. Crop year-to- date exports at 6.2 million tonnes compare with 7.7 million tonnes a year ago.
* There were 49,693 contracts traded on Friday, which compares with Thursday when 55,418 contracts changed hands.
Spreading accounted for 26,592 of the contracts traded.
Settlement prices in Canadian dollars per metric tonne.
Price Change
Jul 756.30 dn 7.50
Nov 758.20 dn 3.10
Jan 764.70 dn 2.40
Mar 769.40 dn 2.10 Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Months Prices Volume Jul/Nov 3.10 over to 2.60 under 11,058 Jul/Jan 3.20 under to 8.40 under 32 Jul/Mar 9.60 under to 13.10 under 20 Nov/Jan 5.50 under to 6.60 under 1,673 Nov/Mar 9.70 under to 11.20 under 2 Nov/Jul 10.50 under to 12.10 under 1 Jan/Mar 4.10 under to 4.80 under 358 Jan/May 5.70 under to 5.80 under 1 Mar/May 0.30 under to 1.10 under 50 Mar/Jul 0.90 under 16 May/Jul 0.50 over to 0.20 over 34 Jul/Nov 54.90 over to 48.00 over 51
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
05-01-26 1535ET
