WINNIPEG, Manitoba--Intercontinental Exchange canola futures couldn't maintain earlier increases as pressure from losses in other oilseeds proved too much.
The Chicago soy complex was weaker Thursday, and soyoil turned sour as the session progressed. Losses in European rapeseed and Malaysian palm oil added to the declines.
Increases in global crude-oil prices tried to stymie the losses in the vegetable oils as did spillover from a positive quarterly earnings report from tech giant Nvidia.
Earlier increases in canola were chalked up to possible purchases by China, spreaders moving away from soybeans back to canola, or short covering.
The Canadian dollar was higher at 74.15 U.S. cents compared to Wednesday's close of 74.01.
An estimated 48,782 contracts traded on Thursday, compared to Wednesday when 46,215 contracts changed hands. Spreading accounted for 23,510 contracts traded.
Prices are in Canadian dollars per metric ton:
Contracts Price Change Mar 570.40 dn 3.60 May 581.30 dn 2.80 Jul 589.60 dn 3.80 Nov 596.10 dn 4.00
Spread trade prices are Canadian dollars and the volume represents the number of spreads:
Contracts Prices Volume Mar/May 9.00 under to 11.20 under 6,272 Mar/Jul 16.80 under to 19.40 under 37 Mar/Nov 23.10 under to 23.90 under 19 May/Jul 7.50 under to 9.20 under 4,293 May/Nov 13.30 under to 14.60 under 42 Jul/Nov 5.60 under to 6.80 under 1,082 Nov/Jan 5.50 under 10
Source: MarketsFarm, news@marketsfarm.com
(END) Dow Jones Newswires
02-22-24 1543ET
