WINNIPEG, Manitoba--The ICE Futures canola market was sharply higher on Thursday, as a rally in the Chicago soy complex provided spillover support.

Updated supply/demand estimates from the U.S. Department of Agriculture provided the catalyst for the gains in soybeans, with average U.S. yields at the lower end of trade expectations.

Chart-based buying contributed to the turn higher in canola, as prices bounced off nearby lows amid ideas the recent losses were looking overdone.

Weakness in the Canadian dollar, which was down by roughly half a cent relative to its U.S. counterpart, was also supportive.

There were an estimated 55,258 contracts traded on Thursday, which compares with Wednesday when 43,338 contracts traded.

Spreading accounted for 40,880 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne. 


 
Canola 
         Price    Change 
 Nov     712.60   up 9.90 
 Jan     717.20   up 9.70 
 Mar     720.90   up 8.10 
 May     724.50   up 7.50

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


 
 Months             Prices              Volume 
 Nov/Jan    3.10 under to 5.40 under    10,530 
 Nov/Mar    6.80 under to 10.20 under    1,017 
 Nov/May    9.10 under to 13.70 under      458 
 Nov/Jul    17.40 under                      6 
 Jan/Mar    2.70 under to 5.60 under     4,309 
 Jan/May    4.60 under to 8.00 under        37 
 Jan/Nov    0.70 under to 0.80 under         6 
 Mar/May    1.00 under to 4.40 under     1,855 
 Mar/Jul    5.00 under                      25 
 May/Jul    2.00 under to 4.00 under     1,169 
 Jul/Nov    19.50 over to 10.40 over     1,028

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


(END) Dow Jones Newswires

10-12-23 1522ET