WINNIPEG, Manitoba--The ICE Futures canola market consolidated its gains from the prior day on Wednesday, receiving plenty of support from comparable oils.
Chicago soyoil, European rapeseed and Malaysian palm oil all showed sharp gains on Wednesday. Crude oil prices were slightly higher due to a 12 million-barrel weekly draw in United States stockpiles.
One analyst said that short-covering for soyoil and speculation of a possible trade war between Indonesia and China helped canola prices.
At midafternoon, the Canadian dollar was up one-third of a U.S. cent compared to Tuesday's close, bringing pressure to canola prices.
There were 72,924 canola contracts traded on Wednesday, which compares with Tuesday when 66,536 contracts changed hands. Spreading accounted for 45,014 of the contracts traded. Settlement prices are in Canadian dollars per metric tonne:
Canola Price Change Nov 652.70 up 1.60 Jan 662.50 up 4.10 Mar 668.30 up 4.00 May 672.20 up 4.10
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Months Prices Volume Nov/Jan 7.40 under to 10.00 under 13,405 Nov/Mar 13.90 under to 15.90 under 3,785 Jan/Mar 5.60 under to 6.30 under 5,153 Mar/May 3.60 under to 4.10 under 119 May/Jul 0.90 under 21 Jul/Nov 36.80 over to 35.70 over 22 Jul/Jan 38.00 over 1 Nov/Jan 2.80 over 1
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
07-03-24 1539ET
