WINNIPEG, Manitoba--The ICE Futures canola market was weaker Friday, falling below nearby chart support as losses in Chicago soybeans spilled over to weigh on values.

The November contract had traded just above C$770 a metric ton on several occasions over the past week but finally fell below that point Friday, which uncovered additional speculative selling.

A lack of any significant Prairie weather concerns remained a bearish influence on the canola market, although ideas that yields were hurt by hot and dry weather earlier in the growing season remained supportive.

A downward revision to U.S. soybean production from the Department of Agriculture was also supportive, but soybeans still moved lower as better weather over the past few weeks had traders second-guessing the report.

About 26,458 canola contracts traded Friday, up from Thursday when 23,797 contracts changed hands.

Spreading accounted for 12,376 of the contracts traded.

Settlement prices are in Canadian dollars per metric ton. 


 
Canola      Price    Change 
       Nov  761.90  dn 11.30 
       Jan  767.70  dn 10.90 
       Mar  770.70  dn 10.30 
       May  769.70  dn 9.80 
 
Spread trade prices are in Canadian dollars and the volume represents the number of spreads: 
Contract          Price            Volume 
Nov/Jan  5.10 under to 5.90 under   4,932 
Nov/Mar  7.60 under to 8.50 under      15 
Jan/Mar  2.20 under to 3.00 under     999 
Jan/May  1.10 under to 2.40 under       5 
Mar/May  2.40 over to 0.40 over       201 
May/Jul  4.50 over to 3.30 over        29 
Jul/Nov  34.60 over to 30.70 over       7

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


(END) Dow Jones Newswires

08-11-23 1555ET