WINNIPEG, Manitoba-- Intercontinental Exchange canola futures finished higher on Wednesday, after starting the session to the downside.
Support for canola came from upticks in Chicago soybeans and soyoil, while pressure came from soymeal. Losses in European rapeseed also weighed on values, while the Malaysian palm oil market was closed for a holiday. Sharp decreases in global crude oil prices also pressured the vegetable oils.
With the better-than-expected weather across the Canadian Prairies, farmers in most parts of the region will be getting an earlier start to spring planting than what they anticipated.
The Canadian dollar was higher at midafternoon Wednesday, with the loonie at 73.54 U.S. cents, compared with Tuesday's close of 73.43.
There were 25,788 contracts traded on Wednesday, which compares with Tuesday when 26,256 contracts changed hands. Spreading accounted for 11,010 contracts traded.
Settlement prices are in Canadian dollars per metric ton.
Canola Price Change Jul 715.90 up 6.50 Nov 689.90 up 6.50 Jan 695.40 up 6.20 Mar 699.90 up 6.20
Spread trade prices are Canadian dollars and the volume represents the number of spreads:
Months Prices Volume Jul/Nov 28.70 over to 24.70 over 5,037 Jul/Jan 21.80 over to 20.50 over 2 Nov/Jan 5.30 under to 6.00 under 452 Jan/Mar 4.20 under to 4.60 under 14
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
05-03-23 1548ET
