ICE Review : Canola Falls Back Ahead of U.S. Thanksgiving

WINNIPEG, Manitoba-- The ICE Futures canola market was weaker on Wednesday, retreating from its one-month highs to settle just below the 50-day moving average in the January contract.

Chart-based positioning was a feature, with the failure to hold above that key technical level seen as bearish from a chart standpoint.

Losses in Chicago soybeans and soyoil accounted for spillover weakness in the Canadian oilseed.

Markets in the United States will be closed Thursday for Thanksgiving and will trade reduced hours on Friday, while the canola market will trade as normal.

Positioning ahead of the U.S. holiday was a feature. There were an estimated 37,167 contracts traded on Wednesday, which compares with Tuesday when 43,397 contracts traded.

Spreading accounted for 25,746 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

 
Canola 
 
 
 Price 
 
 Change 
 Jan  709.70 
 
dn 11.50 
 Mar  714.30 
 
dn 11.00 
 May  717.80 
 
dn 12.10 
 Jul  720.40 
 
dn 13.00 
 

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

 
Months 
 
 
 
Prices 
 
 
 
 
Volume 
Jan/Mar 
 
 
3.80 under to 5.40 under 
 
 
7,939 
Jan/May 
 
 
7.90 under to 9.60 under 
 
 
 
479 
Jan/Jul 
 
 
10.80 under to 12.90 under 
 
 
433 
Jan/Nov 
 
 
2.50 over to 4.40 under 
 
 
138 
Mar/May 
 
 
3.40 under to 4.90 under 
 
 
2,098 
Mar/Jul 
 
 
6.50 under to 7.60 under 
 
 
55 
Mar/Nov 
 
 
4.60 over to 2.10 over 
 
 
75 
May/Jul 
 
 
 
2.50 under to 4.40 under 
 
 
1,113 
Jul/Nov 
 
 
13.00 over to 9.60 over 
 
 
543 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

11-22-23 1545ET