ICE Review : Canola Softens With Outside Markets

WINNIPEG, Manitoba--ICE Futures canola market was weaker on Wednesday, as an attempt at moving higher ran into resistance and prices dipped with outside markets.

Chicago soyoil, European rapeseed and Malaysian palm oil futures were all down on the day.

Bearish chart signals contributed to the declines in canola, with the path of least resistance said to be still pointing lower for the time being.

Scale-down demand from domestic crushers remained supportive on the other side, as crush margins remain wide and domestic usage is running well ahead of the year ago level.

There were an estimated 41,741 contracts traded on Wednesday, which compares with Tuesday when 48,425 contracts traded.

Spreading accounted for 31,172 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

 
Canola 
        Prices  Change 
 Jan    660.30  dn 3.00 
 Mar    668.30  dn 2.50 
 May    675.10  dn 2.40 
 Jul    680.70  dn 2.30 
 

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

 
Months             Prices               Volume 
 Jan/Mar    6.50 under to 8.60 under     9,891 
 Jan/May    13.00 under to 15.00 under     307 
 Jan/Jul    18.90 under to 20.30 under     112 
 Jan/Nov    18.20 under to 19.40 under      47 
 Mar/May    6.20 under to 7.40 under     4,304 
 Mar/Jul    11.40 under to 12.90 under      34 
 Mar/Nov    11.10 under to 11.40 under       2 
 May/Jul    4.90 under to 5.90 under       602 
 Jul/Nov    1.90 over to 0.60 over         287 
 

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

(END) Dow Jones Newswires

12-13-23 1508ET