ICE Review: Canola Drifts Lower on Negative Vegetable-Oil Sentiment
WINNIPEG, Manitoba--The ICE Futures canola market drifted lower on Friday due to negative sentiment in vegetable oils, ending its five-day rally.
Chicago soyoil, European rapeseed and Malaysian palm oil were all in the red. However, crude oil was up ahead of an OPEC+ meeting on June 2 to discuss supply cuts.
The Canadian Grain Commission reported 105,800 tons of canola exports during the week ended May 19, raising the marketing year's total to 5.241 million tons, down 25% from one year ago.
At mid-afternoon, the Canadian dollar was up one-quarter of a U.S. cent compared to Thursday's close.
Southern Manitoba will see up to 70 millimetres of rain in some areas, mostly on Friday and tapering off on Saturday.
There were 30,226 canola contracts traded on Friday, which compares with Thursday when 34,351 contracts changed hands. Spreading accounted for 13,872 of the contracts traded.
Settlement prices are in Canadian dollars per metric ton. Canola Price Change Jul 666.70 dn 5.30 Nov 687.10 dn 6.40 Jan 694.60 dn 5.90 Mar 701.60 dn 5.40 Spread trade prices are in Canadian dollars and the volume represents the number of spreads: Jul/Nov 20.00 under to 21.70 under 5,077 Jul/Jan 27.30 under to 28.80 under 214 Nov/Jan 6.60 under to 7.70 under 929 Nov/Mar 14.20 under to 14.40 under 52 Nov/May 18.00 under 210 Nov/Nov 20.00 over 4 Jan/Mar 6.20 under to 7.00 under 250 Jan/Jul 10.00 under 25 Mar/May 3.50 under to 4.20 under 131 May/Jul 1.00 over to 0.40 over 14 Jul/Nov 38.90 over to 35.40 over 30
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
May 24, 2024 15:34 ET (19:34 GMT)
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