ICE Review : Canola Higher, Back Above Key Chart Point

WINNIPEG, Manitoba--The ICE Futures canola market was stronger, recovering from early losses as traders adjusted positions ahead of the weekend.

The move Friday back above C$760 per metric ton in the November contract was bullish from a chart standpoint, bringing in some additional speculative buying.

Thursday's tighter production forecast from Statistics Canada remained supportive. The government agency pegged the 2023-24 canola crop at 17.4 million tons, which was down from the August estimate and well below the 18.7 million tons grown the previous year.

Seasonal harvest pressure tempered the upside. Relatively favorable Prairie weather forecasts are likely to lead to good harvest progress in many areas over the weekend.

Losses in Chicago soybeans also weighed on values, although soyoil was up on the day.

About 34,285 canola contracts traded on Friday, which compares with Thursday when 35,235 contracts changed hands.

Spreading accounted for 21,788 of the contracts traded.

Settlement prices are in Canadian dollars per metric ton.

Canola

Contracts Price Change

   Nov        763.90 up 5.10 
   Jan        772.50 up 5.30 
   Mar        778.40 up 5.40 
   May        784.10 up 6.20 
 

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

 
   Contracts  Price                      Volume 
   Nov/Jan     8.00 under to 8.70 under  4,936 
   Nov/Mar    13.30 under to 14.70 under 1,877 
   Nov/May    18.20 under to 19.50 under    14 
   Nov/Jul    17.30 under to 20.00 under    33 
   Jan/Mar     5.20 under to 6.30 under  1,923 
   Jan/May    10.20 under to 12.00 under    66 
   Jan/Nov    17.50 over                     1 
   Mar/May     4.30 under to 5.90 under  1,503 
   May/Jul     1.20 over to 0.80 under     538 
   Jul/Nov    32.30 over to 31.20 over       3 
 

Source: MarketsFarm, [e-mail]

(END) Dow Jones Newswires

09-15-23 1545ET