ICE Review : Canola Lower as Speculative Selling and Weather Weigh on Prices

WINNIPEG, Manitoba--The ICE Futures canola market was weaker Friday as speculative selling and relatively favorable Prairie weather conditions weighed on values ahead of the weekend.

Losses in Chicago soybean and European rapeseed futures contributed to the declines, although soyoil and Malaysian palm oil were both higher.

Statistics Canada is scheduled to release acreage estimates on Wednesday, and average trade guesses don't stray far from the 21.6 million acres forecast in April. The U.S. Agriculture Department is scheduled to follow with its plantings numbers on June 30.

About 36,270 canola contracts traded Friday, which compares with Thursday when 38,832 contracts changed hands.

Spreading accounted for 15,888 of the contracts traded.

Settlement prices are in Canadian dollars per metric ton.

Canola

Months Prices Change

   Jul    734.00 dn  5.80 
   Nov    705.10 dn 10.00 
   Jan    710.80 dn  9.50 
   Mar    712.90 dn  9.20 
 

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

 
   Months  Prices                    Volume 

Jul/Nov 37.50 over to 23.70 over 4,110

   Jul/May 20.00 over to 14.00 over     38 

Nov/Jan 4.40 under to 6.30 under 2,363

   Nov/Mar  6.60 under to 9.20 under    40 

Nov/May 9.70 under to 11.20 under 114

   Jan/Mar  1.00 under to 3.00 under   766 
   Jan/May  2.70 under to 2.90 under     5 
   Mar/May  1.10 under to 2.60 under   293 
   Mar/Jul  1.20 under to 4.40 under    48 
   May/Jul  1.00 under to 2.70 under   150 
   Jul/Nov 49.70 over to 49.60 over     17 
 

Source: MarketsFarm, [e-mail]

(END) Dow Jones Newswires

06-23-23 1548ET