WINNIPEG, Manitoba--The ICE Futures canola market was weaker at Thursday's close, seeing a profit-taking correction after recent gains.
Losses in Chicago soybeans and European rapeseed futures accounted for some spillover selling pressure, although soyoil managed to post small gains after Wednesday's limit-down losses.
Crop conditions remain relatively favorable across most of the Prairies, with the latest report out of Saskatchewan placing the canola crop there at 77 percent good-to-excellent.
In addition, much of southern Manitoba was receiving widespread rains on Thursday, easing dryness concerns in the region.
Statistics Canada releases updated acreage estimates next week Wednesday, while the United States Department of Agriculture follows with its area numbers on June 30.
About 38,832 canola contracts traded on Thursday, which compares with Wednesday when 48,810 contracts changed hands.
Spreading accounted for 19,932 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Canola Price Change Jul 739.80 dn 5.50 Nov 715.10 dn 5.50 Jan 720.30 dn 6.30 Mar 722.10 dn 6.60
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Months Prices Volume Jul/Nov 32.40 over to 24.40 over 4,873 Jul/Jan 22.50 over 1 Jul/May 22.40 over to 16.20 over 400 Jul/Jul 22.70 over to 16.60 over 401 Nov/Jan 4.60 under to 6.40 under 2,195 Nov/Mar 6.10 under to 8.40 under 32 Nov/May 8.00 under to 9.40 under 13 Nov/Jul 7.30 under 69 Jan/Mar 0.30 under to 3.00 under 1,140 Mar/May 0.30 under to 2.10 under 632 May/Jul 1.00 over to 1.10 under 210
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
06-22-23 1530ET