WINNIPEG, Manitoba-- Intercontinental Exchange canola futures were mostly lower on Wednesday, getting hit with spillover from sharp losses in Malaysian palm oil and European rapeseed. Only the May canola contract was higher.

Pressure on the Canadian oilseed also came from losses in Chicago soyoil. Meanwhile, soybeans were mixed and soymeal was higher. Upswings in global crude oil prices attempted to ease the losses in the oilseed markets.

An analyst said the new crop November contract could soon fall below C$700 per ton, with major support at C$680 per ton. He added that resistance stood at C$740/ton, but if there was fresh bullish news then it could top C$775.

With a downturn in the U.S. dollar, the Canadian dollar was higher at midafternoon Wednesday. The loonie climbed to 74.43 U.S. cents, compared to Tuesday's close of 74.17.

There were 50,477 contracts traded on Wednesday, which compares with Tuesday when 38,084 contracts changed hands. Spreading accounted for 42,422 contracts traded.

Settlement prices are in Canadian dollars per metric ton. 


 
   Canola      Price          Change 
   May         771.00        up 1.70 
   Jul         742.10        dn 5.00 
   Nov         703.20       dn 11.10 
   Jan         705.30       dn 11.00

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


 
   Months           Prices                        Volume 
   May/Jul          24.00 over to 20.50 over       6,273 
   May/Nov          58.40 over to 54.40 over         285 
   May/Jan          56.00 over                        61 
   Jul/Nov          34.90 over to 32.10 over       4,756 
   Jul/Jan          31.30 over                         1 
   Nov/Jan           1.40 under to 3.30 under        922 
   Jan/Mar           3.00 under to 3.60 under         19

Source: Commodity News Service Canada, news@marketsfarm.com


(END) Dow Jones Newswires

04-12-23 1553ET