WINNIPEG, Manitoba--The ICE Futures canola market was weaker, failing to hold onto earlier gains as losses in Chicago soyoil and European rapeseed futures accounted for some spillover selling pressure.
Increased farmer selling after the gains posted earlier in the week were also thought to be weighing on values on Wednesday.
However, talk of export demand underneath the market provided some support. China is said to have made some purchases of Canadian canola recently.
Weakness in the Canadian dollar, after the Bank of Canada left its key overnight rate unchanged at 5%, provided some support.
An estimated 34,178 contracts traded on Wednesday, which compares with Tuesday when 35,627 contracts traded. Spreading accounted for 21,080 of the contracts traded.
Settlement prices are in Canadian dollars per metric ton.
Contracts Price Change Mar 634.30 dn 4.80 May 639.10 dn 4.00 Jul 642.70 dn 4.20 Nov 640.60 dn 3.70
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Contracts Prices Volume Mar/May 3.70 under to 5.20 under 6,732 Mar/Jul 7.50 under to 8.80 under 865 Mar/Nov 5.40 under to 6.00 under 107 May/Jul 3.00 under to 4.20 under 2,552 Jul/Nov 2.90 over to 2.10 over 283 Nov/Jan 4.80 under 1
Source: MarketsFarm, news@marketsfarm.com
(END) Dow Jones Newswires
01-24-24 1544ET
