WINNIPEG, Manitoba--Intercontinental Exchange canola futures turned weaker on this first day of summer, as the July contract closed slightly below its support level of C$600 per tonne.
Losses in the Chicago soy complex and European rapeseed weighed on canola values, as gains in Malaysian palm attempted to stem further declines. Meanwhile, upticks in crude oil spilled over into the oilseeds.
Although the prospects for good crops on the Prairies still hold, a trader said about third of those crops continue to contend with conditions that are too wet and too cool. He added a disaster is not pending, but warmer and drier weather is needed across the region.
Saskatchewan pegged the development of its pulses and fall cereals at about 77 percent normal. Development of the spring cereals was estimated to be 66 percent normal and that for oilseeds was at 55 percent.
The Canadian dollar was higher by mid-afternoon Thursday with the loonie at 73.04 U.S. cents compared to Wednesday's close of 72.94.
There were 32,120 contracts traded on Thursday, compared to the 19,161 contracts that changed hands on Wednesday.
Spreading accounted for 15,192 contracts traded.
Prices are in Canadian dollars per metric tonne:
Canola
Price Change
Jul 599.40 dn 10.50
Nov 618.10 dn 10.30
Jan 624.40 dn 10.20
Mar 628.20 dn 9.30
Spread trade prices are Canadian dollars and the volume represents the number of spreads:
Months Prices Volume Jul/Nov 18.00 under to 19.70 under 4,965 Jul/Jan 24.50 under 11 Nov/Jan 5.90 under to 6.50 under 1,916 Nov/Mar 9.30 under to 10.10 under 14 Nov/May 12.10 under to 12.40 under 20 Nov/Nov 15.10 over 3 Jan/Mar 2.80 under to 3.90 under 498 Mar/May 1.20 under to 3.00 under 103 May/Jul 0.80 over to 0.80 under 56 Jul/Nov 25.10 over to 25.00 over 10
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
06-20-24 1529ET
