WINNIPEG, Manitoba--Intercontinental Exchange canola futures ended their rally on Thursday when prices gave up gains made in the morning.
A trader warned that other vegetable oils were beginning to run into resistance. He commented that with spring planting approaching the markets will watch the weather from now through to the end of May.
Pressure on canola came from losses in Chicago soybeans and especially soyoil. European rapeseed was also down hard, but Malaysian palm oil held on to its gains.
Increases in global crude oil prices helped to tempered further declines in the vegetable oils.
The Canadian Grain Commission reported total exports for February came to 3.77 million tonnes. That included 1.46 million tonnes of wheat and 767,200 tonnes of canola. Although down from January's exports, they are up 107 percent when compared to February 2022.
The Canadian dollar was higher at mid-afternoon Thursday, as the loonie was at 73.94 U.S. cents, compared to Wednesday's close of 73.66.
There were 37,026 contracts traded on Thursday, which compares with Wednesday when 32,052 contracts changed hands.
Spreading accounted for 24,306 contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Price Change
Canola
May 764.60 dn 5.40
Jul 745.70 dn 6.40
Nov 717.90 dn 7.10
Jan 721.30 dn 7.40
Spread trade prices are Canadian dollars and the volume represents the number of spreads:
Months Prices Volume May/Jul 19.60 over to 17.50 over 8,495 May/Nov 48.70 over to 44.10 over 390 May/Jan 41.30 over to 40.30 over 3 Jul/Nov 29.50 over to 26.10 over 2,866 Nov/Jan 3.40 under to 3.70 under 229 Nov/Mar 7.00 under 85 Jan/Mar 3.50 under to 3.70 under 79 Mar/May 2.90 over 2 May/Jul 6.60 over 2 Jul/Nov 53.00 over 2
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
03-30-23 1535ET
