WINNIPEG, Manitoba--The ICE Futures canola market was stronger on Thursday, seeing a corrective bounce after posting losses the previous five sessions.

Chart-based positioning was a feature amid ideas the recent losses were looking overdone.

Gains in Chicago soybeans, along with concerns over hot and dry Prairie weather, contributed to the strength in the futures. Advances in crude oil and European rapeseed futures also provided spillover support, although soyoil was softer on the day.

The Canadian dollar held near unchanged, providing little direction.

About 26,609 canola contracts traded on Thursday, which compares with Wednesday when 24,967 contracts changed hands.

Spreading accounted for 15,364 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne. 


 
 Canola 
           Price     Change 
 Nov       780.90    up 6.90 
 Jan       784.20    up 5.90 
 Mar       785.60    up 4.70 
 May       783.50    up 4.20

Spread trade prices are in Canadian dollars and the volume

represents the number of spreads: 


 
 Months              Prices                 Volume 
 Nov/Jan    3.10 under to 4.50 under        4,739 
 Nov/Mar    4.30 under to 6.70 under          461 
 Nov/May    2.00 under to 5.00 under          347 
 Nov/Jul    0.40 under                          1 
 Jan/Mar    1.10 under to 2.80 under        1,249 
 Jan/May    1.10 over to 0.20 over              3 
 Mar/May    3.00 over to 1.60 over            365 
 May/Jul    5.40 over to 3.40 over            436 
 Jul/Nov    40.60 over to 36.20 over           77 
 Nov/Jan    0.10 over                           4

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


(END) Dow Jones Newswires

08-03-23 1542ET