WINNIPEG, Manitoba--The ICE Futures canola market was weaker Friday, taking back much of Thursday's gains with chart-based speculative selling ahead of the weekend a feature.
Losses in the Chicago soy complex accounted for some spillover weakness in canola. European rapeseed futures were also lower, although Malaysian palm oil posted small gains overnight.
Large old-crop supplies and relatively favorable Prairie weather conditions contributed to the bearish tone in canola, with end users showing little interest in bidding up the market.
Weakness in the Canadian dollar provided some underlying support.
An estimated 51,519 contracts traded on Friday, which compares with Thursday when 88,262 contracts traded.
Spreading accounted for 29,062 of the contracts traded.
Settlement prices are in Canadian dollars per metric ton.
Contracts Prices Change
Jul 630.10 dn 9.70 Nov 649.50 dn 11.20 Jan 657.00 dn 9.80 Mar 662.70 dn 8.30
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Contracts Prices Volume Jul/Nov 19.00 under to 23.00 under 8,901 Jul/Jan 26.70 under to 29.60 under 201 Nov/Jan 5.90 under to 8.00 under 3,671 Nov/Mar 9.90 under to 14.30 under 90 Nov/May 13.50 under to 18.70 under 48 Jan/Mar 3.60 under to 6.40 under 1,039 Jan/May 7.30 under to 11.00 under 45 Mar/May 3.00 under to 5.00 under 512 May/Jul 2.50 over to 1.40 over 12 Jul/Nov 38.20 over to 37.20 over 12
Source: MarketsFarm, news@marketsfarm.com
(END) Dow Jones Newswires
06-07-24 1559ET