ICE Review : Canola Mostly Higher After Statistics Canada Report

WINNIPEG-- The ICE Futures canola market moved upwards on Wednesday after Statistics Canada (StatCan) released its first survey-based seeding intentions report for 2023-24. Only the nearby May contract moved lower as traders exited the front month ahead of its expiry.

StatCan estimated that 21.6 million acres will be used to grow canola, at the lower end of trade expectations. However, the survey was conducted last December and January as a new practice by the central data agency.

Chicago soyoil and European rapeseed were up, but Malaysian palm oil was down. Crude oil gave up nearly U.S. $2 per barrel due to weakened demand.

At midafternoon, the Canadian dollar was down less than one-tenth of a U.S. cent compared with Tuesday's close.

About 33,728 canola contracts were traded on Wednesday, which compares with Tuesday when 27,144 contracts changed hands. Spreading accounted for 24,846 of the contracts traded. Settlement prices are in Canadian dollars per metric ton.

 
   Canola            Price         Change 
   May               755.0        dn 9.80 
   Jul              734.90        up 8.50 
   Nov              703.30        up 8.30 
   Jan              709.00        up 9.10 
 

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

 
   Months            Prices                        Volume 
   May/Jul           44.60 over to 14.10 over       1,941 
   May/Nov           66.10 over                         1 
   Jul/Nov           33.50 over to 30.00 over       6,133 
   Jul/Jan           28.80 over to 24.80 over          19 
   Nov/Jan           4.30 under to 5.90 under       3,217 
   Nov/Mar           9.20 under to 9.80                10 
   Jan/Mar           3.80 under to 4.60 under       1,102 
 

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

(END) Dow Jones Newswires

04-26-23 1552ET