ICE Review : Canola Higher, Finds Support From Soyoil

WINNIPEG, Manitoba--The ICE Futures canola market was stronger, finding support from gains in Chicago soyoil.

Chart-based positioning was a feature Thursday amid ideas recent losses were overdone. End-user bargain hunting and a lack of significant farmer selling also provided support.

The U.S. Agriculture Department is scheduled to release several reports on Friday, including the final U.S. production numbers for the 2023 crop and updated South American projections. Traders were thought to be squaring up positions ahead of the data.

Ample supplies continue to overhang the canola market as exports have been running well off the year-ago pace, keeping a lid on the upside.

An estimated 34,477 contracts traded on Thursday, which compares with Wednesday when 32,562 contracts traded. Spreading accounted for 21,052 of the contracts traded.

Settlement prices are in Canadian dollars per metric ton.

Canola

Contracts Prices Change

 
   Mar        622.70  up 3.10 
   May        630.00  up 2.40 
   Jul        635.40  up 2.20 
   Nov        633.90  up 2.00 
 

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

 
   Contracts  Prices                     Volume 
   Mar/May     7.10 under to 8.30 under  7,269 
   Mar/Jul    12.70 under to 13.90 under    37 
   Mar/Nov    12.20 under to 12.70 under    20 
   May/Jul     5.10 under to 5.90 under  1,958 
   May/Nov     4.20 under to 4.50 under    200 
   Jul/Nov     1.90 over to 1.00 over    1,042 
 

Source: MarketsFarm, [e-mail]

(END) Dow Jones Newswires

01-11-24 1542ET