ICE Grain/Oilseed Review : Canola Stronger on Short-Covering Correction

WINNIPEG--The ICE Futures canola market was stronger Wednesday, seeing a short-covering correction after dropping lower the previous five sessions.

In addition to the speculative buying interest, canola was also underpinned by solid export demand as crush margins remain wide.

Gains in Chicago soybeans were also supportive, although soyoil posted losses. European rapeseed and Malaysian palm oil futures were also down on the day.

About 35,481 canola contracts traded on Wednesday, which compares with Tuesday when 34,963 contracts changed hands.

Spreading accounted for 22,570 of the contracts traded.

Settlement prices are in Canadian dollars per metric ton.

Canola

Prices Change

Mar 800.50 up 3.80

May 799.60 up 3.40

Jul 800.90 up 3.30

Nov 786.30 up 3.70

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

 
           Prices                    Volume 
 
   Mar/May  1.80 over to 0.20 over   6,507 
   Mar/Jul  0.40 over to 1.10 under    126 

May/Jul 0.30 under to 1.70 under 3,203

   May/Nov 15.40 over to 12.90 over    203 

Jul/Nov 17.00 over to 14.00 over 1,222

   Nov/Jan  2.50 under to 2.90 under    24 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

01-25-23 1543ET