ICE Review: Canola Futures Dip Into the Red

WINNIPEG, Manitoba -- The ICE Futures canola market had small losses on Wednesday, despite finding support from comparable oils.

Crude oil extended its recent rally, driven by upcoming supply cuts from OPEC+. Chicago soyoil, European rapeseed and Malaysian palm oil were also higher.

The Canadian dollar was up one-quarter of a U.S. cent compared to Tuesday's close, pressuring canola.

The Foothills in Alberta could get up to 40 centimeters of snow through Friday, with Calgary expected to see 10 to 15 cm. Meanwhile, the eastern half of the Prairies is expected to remain dry with high temperatures above 10 degrees Celsius.

There were 41,715 canola contracts traded on Wednesday, which compares with Tuesday when 44,958 contracts changed hands. Spreading accounted for 27,252 of the contracts traded. Settlement prices are in Canadian dollars per metric ton.

Canola 
Price      Change 
May 634.20 dn 1.10 
Jul 642.90 dn 1.20 
Nov 651.40 dn 0.70 
Jan 658.50 dn 0.40 
 

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

Months 
 
 
 
          Spread 
 
 
 
 
 
 
                         Volume 
May/Jul 
 
 
8.40 under to 9.50 under 
 
 
10,525 
May/Nov         16.50 under to 17.40 under 
 
         161 
May/Jan 
 
 
24.00 under to 24.60 under 
 
          76 
Jul/Nov 
 
 
7.80 under to 8.50 under 
 
        2,545 
Nov/Jan 
 
 
6.50 under to 7.20 under 
 
 
     308 
Jan/Mar 
 
 
 2.00 under to 2.70 under 
 
 
 
 11 
 

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

(END) Dow Jones Newswires

April 03, 2024 15:21 ET (19:21 GMT)

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