ICE Canola Futures Pull Back

WINNIPEG, Manitoba--Intercontinental Exchange canola futures were lower midsession Wednesday after a bout of volatility earlier.

"Trading last night we were down a couple of bucks...and this morning we were up six or seven. Now we are down a couple of bucks again," a trader said.

He was a little impressed with the good volume of trading in canola, given the Juneteenth holiday in the United States. He said that about half of the activity was related to spreads.

The trader also said the Prairie canola crop is off to a good start, which added pressure on to the futures.

With trading in Chicago closed until Wednesday evening, canola was getting support from gains in European rapeseed and Malaysian palm oil. Small upticks in crude oil spilled over into the oilseeds.

Canola crush margins improved a little, with the November positions bumping up to C$142 to C$147 a metric ton above the futures.

Manitoba Agriculture reported spring planting nudged up to 97% complete overall, with the province's canola at 96% seeded.

The Canadian dollar was slightly higher by late Wednesday morning, with the loonie at 72.96 U.S. cents compared to Tuesday's close of 72.87.

Approximately 14,500 canola contracts were traded as of 11:47 am EDT.

Prices in Canadian dollars per metric ton:

           Price       Change 
Canola     Jul 607.00  dn 2.40 
           Nov 624.40  dn 1.70 
           Jan 630.70  dn 1.90 
           Mar 633.40  dn 2.40 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

06-19-24 1327ET