WINNIPEG, Manitoba--The ICE Futures canola market was mostly stronger at Wednesday's close after trading to both sides of unchanged in choppy activity.

Only the old crop July contract was lower at the final bell, with intermonth spreading a feature of the activity as traders exited the front month.

Limit-down losses in Chicago soyoil futures accounted for some spillover selling pressure in canola, as soyoil reacted to lower-than-expected biofuel blending requirements announced by the U.S. Environmental Protection Agency.

European rapeseed and Malaysian palm oil futures were also softer, although a rally in Chicago soybeans provided support.

Declining crop ratings for the U.S. soybean crop were behind the strength there. Some areas of Western Canada could also use more moisture, although a trader noted that the canola crop was in decent shape overall with most regions receiving precipitation over the past week.

About 48,810 canola contracts traded on Wednesday, which compares with Tuesday when 44,012 contracts changed hands.

Spreading accounted for 33,394 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne. 


 
 Canola 
            Price    Change 
 Jul        745.30   dn 0.20 
 Nov        720.60   up 5.80 
 Jan        726.60   up 5.90 
 Mar        728.70   up 3.90

Spread trade prices are in Canadian dollars and the volume represents the number of spreads: 


 
 Months                Prices               Volume 
 Jul/Nov        38.50 over to 23.90 over    9,932 
 Jul/Jan        26.50 over to 25.40 over      500 
 Jul/Mar        24.70 over to 23.70 over      200 
 Jul/May        25.30 over to 22.80 over      259 
 Jul/Jul        25.40 over to 18.50 over      431 
 Nov/Jan        5.10 under to 6.60 under    3,020 
 Nov/Mar        7.00 under to 9.00 under      235 
 Nov/May        7.10 under to 10.50 under      65 
 Nov/Jul        7.40 under                     20 
 Jan/Mar        1.50 under to 4.40 under    1,052 
 Jan/May        7.20 under                     10 
 Mar/May        0.00 under to 4.30 under      640 
 Mar/Jul        0.00 under to 4.00 under       73 
 May/Jul        0.10 under to 3.70 under      250 
 Jul/Nov        40.10 over to 40.00 over       10

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


(END) Dow Jones Newswires

06-21-23 1542ET