ICE Grain/Oilseed Review : Canola Falls with Soy Complex

WINNIPEG, Manitoba--The ICE Futures canola market was weaker Friday as losses in Chicago soybeans and soyoil spilled over to weigh on values.

Chart-based speculative selling was a feature, with canola down for the third session in a row.

A bearish reaction to the U.S. Agriculture Department's latest production and stocks estimates for soybeans weighed on the oilseed markets, with the government agency also calling for a large Canadian canola crop.

The USDA pegged Canada's 2023 canola production at 20.3 million metric tons, which would be well above the 18.5 million tons currently forecast by Agriculture and Agri-Food Canada.

Losses in European rapeseed futures were another bearish influence, although Malaysian palm oil was firmer on the day.

Seeding progress is varied across Western Canada. Forecasts look relatively favorable in most areas over the next week.

About 28,385 canola contracts traded on Friday, which compares with Thursday when 25,009 contracts changed hands.

Spreading accounted for 17,236 of the contracts traded.

Settlement prices are in Canadian dollars per metric ton.

Canola

Months Prices Change

 
   Jul    712.90 dn 11.20 
   Nov    690.60 dn 11.50 
   Jan    695.40 dn 11.60 
   Mar    699.00 dn 11.90 
 

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

 
   Months  Price                    Volume 
 

Jul/Nov 24.00 over to 21.20 over 7,110

   Jul/Jan 18.90 over to 17.50 over    12 
   Jul/Mar 14.00 over to 13.90 over    62 

Nov/Jan 4.00 under to 5.00 under 521

   Nov/Mar  8.00 under                 50 

Jan/Mar 3.40 under to 3.80 under 135

   Mar/May  1.30 over to 0.90 under   350 
   Mar/Jul  0.10 over                 305 
   May/Jul  0.90 over to 1.50 under    73 
 

Source: MarketsFarm, [e-mail]

(END) Dow Jones Newswires

05-12-23 1544ET