WINNIPEG, Manitoba--The ICE Futures canola market was weaker on Friday, although off its session lows as values saw some adjustment relative to the Chicago soy complex.
While Chicago soyoil and soybeans were both down sharply on Friday, canola had already posted large losses on Thursday when markets in the U.S. were closed for Thanksgiving.
Losses in European rapeseed and Malaysian palm oil futures, along with a stronger tone in the Canadian dollar, also weighed on canola prices.
Increased export demand at the lows and a lack of significant farmer selling provided underlying support.
There were an estimated 20,139 contracts traded on Friday, which compares with Thursday when 12,540 contracts traded. Spreading accounted for 11,584 of the contracts traded.
Settlement prices are in Canadian dollars per metric ton.
Canola PriceChange
Jan 695.30 dn 1.40
Mar 699.40 dn 1.90
May 703.70 dn 1.50
Jul 706.80 dn 1.40
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
MonthsPricesVolume
Jan/Mar 3.20 under to 4.70 under 4,097
Jan/May 6.60 under to 7.90 under 115 Jan/Jul 10.40 under to 11.50 under 101
Mar/May 3.00 under to 4.30 under 1,106
Mar/Jul 7.00 under to 7.50 under 49 May/Jul 2.10 under to 3.40 under 251 Jul/Nov 10.00 over to 9.30 over 73
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
11-24-23 1549ET