WINNIPEG, Manitoba--Intercontinental Exchange canola futures lost their gains in the final hour of trading Wednesday to finish a pinch lower.

Support evaporated from Chicago soyoil as it to reversed course to incur losses. Pressure also came from declines in soybeans and soymeal. European rapeseed finished higher and increased global crude oil prices lent support to the vegetable oils.

As the Prairie harvest picks up the pace, harvest pressure is being felt in the canola market. Saskatchewan reported its provincewide harvest is one third complete overall with canola at 10 percent finished. Farmer selling was also increasing as producers turn to canola's attractive prices for cash.

The Canadian dollar was slightly higher at mid-afternoon Thursday as the loonie climbed to 73.98 U.S. cents, compared to Wednesday's close of 73.88.

There were 21,948 contracts traded on Thursday, which compares with Wednesday when 25,917 contracts changed hands.

Spreading accounted for 10,660 contracts traded. 


Prices are in Canadian dollars per metric ton: 
 
Canola    Price    Change 
 
 Nov 
 
808.70   dn 0.50 
 Jan 
 
813.90   dn 0.90 
 Mar 
 
815.50   dn 1.20 
 May 
 
812.60   dn 1.50 
 
Spread trade prices are Canadian dollars and the volume represents the number of spreads: 
Months              Prices             Volume 
Nov/Jan    4.50 under to 5.70 under    2,739 
Nov/Mar    4.50 under to 7.00 under      378 
Nov/Jul    3.50 over to 0.70 over         29 
Nov/Nov    49.50 over                      6 
Jan/Mar    0.00 to 2.50 under          1,653 
Jan/May    3.00 over                      50 
Jan/Jul    8.10 over to 7.10 over         13 
Mar/May    3.40 over to 2.20 over        257 
May/Jul    5.70 over to 4.70 over        169 
Jul/Nov    46.50 over to 40.10 over       36

Source: Commodity News Service Canada, news@marketsfarm.com


(END) Dow Jones Newswires

08-31-23 1554ET