WINNIPEG, Manitoba--The ICE Futures canola market extended its rally on Wednesday courtesy of rising prices for most comparable oils.
European rapeseed and Malaysian palm oil were up while crude oil was stronger due to weakness in the United States dollar and a drawdown in stockpiles. However, Chicago soyoil was slightly lower.
At mid-afternoon, the Canadian dollar was down less than one-tenth of a U.S. cent compared to Tuesday's close. Earlier today, the U.S. Dollar Index fell to its lowest level since May after the Japanese yen rallied.
One analyst described the Chicago soy complex as "suspect" and mentioned lower export demand for the U.S. crop for its relative weakness. The analyst also expects canola to trade within a range of C$600 to C$650 per tonne.
There were 39,022 canola contracts traded on Wednesday, which compares with Tuesday when 41,932 contracts changed hands.
Spreading accounted for 15,164 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Price Change
Nov 631.50 up 10.30
Jan 637.90 up 9.60
Mar 643.30 up 9.70
May 647.60 up 10.10
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Months Prices Volume Nov/Jan 6.30 under to 7.90 under 4,983 Nov/Mar 11.50 under to 13.90 under 342 Nov/May 15.70 under to 16.50 under 86 Jan/Mar 5.10 under to 6.20 under 1,916 Jan/May 10.10 under to 10.60 under 4 Mar/May 3.80 under to 5.00 under 240 May/Jul 1.10 under to 1.60 under 11
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
07-17-24 1546ET
