ICE Review: Canola Ends Up as Soy Provides Support

WINNIPEG, Manitoba--The ICE Futures canola market traded to both sides of unchanged on Friday, holding onto small gains at the final bell.

Advances in the Chicago soy complex provided spillover support for the Canadian oilseed. Chart-based positioning was a feature, with the most-active July contract settling just below its 50-day moving average.

However, soft export demand remained a bearish influence overhanging the canola market. Canadian canola exports continue to run well behind the year ago pace. Canola exports during the past week of 128,300 tons brought the 2023/24 year-to-date total to 4.37 million tons. That compares with 6.42 million tons at the same point the previous crop year.

Losses in European rapeseed and Malaysian palm oil futures also tempered the upside in canola.

There were an estimated 44,915 contracts traded on Friday, which compares with Thursday when 64,637 contracts traded.

Spreading accounted for 29,364 of the contracts traded.

 
Settlement prices are in Canadian dollars per metric ton. 
 
Canola     Price        Change 
 May       609.80       up 1.10 
 Jul       622.80       up 0.50 
 Nov       637.90       up 1.30 
 Jan       646.80       up 1.60 
 
Spread trade prices are in Canadian dollars and the volume represents the number of spreads: 
 
May/Jul       12.10 under to 14.20 under       7,678 
May/Nov       26.90 under to 28.70 under         124 
May/Jan       35.40 under to 37.00 under          22 
Jul/Nov       13.50 under to 15.70 under       5,156 
Jul/Jan       23.20 under to 24.50 under          46 
Nov/Jan        8.30 under to 9.00 under        1,014 
Nov/Mar       14.40 under to 14.70 under          38 
Jan/Mar        3.90 under to 6.00 under          602 
Mar/May        0.10 over to 0.40 under             2 
 

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

(END) Dow Jones Newswires

April 19, 2024 15:35 ET (19:35 GMT)

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