ICE Closing Review : July Canola Falls Below C$700

WINNIPEG, Manitoba--The ICE Futures canola market finished the week lower to go along with mixed prices for comparable oils.

Speculative selling contributed to the declines, with the move below the psychological C$700-per-metric ton level in the nearby July contract bearish from a chart standpoint.

There will be no canola trading on Monday due to the Victoria Day holiday.

Chicago soyoil was slightly lower, while Malaysian palm oil was up and European rapeseed was down. Soybeans also took another large loss for the day. Crude oil also showed some weakness despite optimism that the U.S. government will reach a deal to raise its debt ceiling.

At mid-afternoon, the Canadian dollar was down one-tenth of a U.S. cent compared to Thursday's close.

About 26,181 canola contracts were traded on Friday, which compares with Thursday when 42,105 contracts changed hands. Spreading accounted for 13,706 of the contracts traded.

Settlement prices are in Canadian dollars per metric ton.

Canola

Month Price Change

 
   Jul   697.40 dn 5.50 
   Nov   669.40 dn 6.60 
   Jan   673.50 dn 5.80 
   Mar   678.30 dn 5.40 
 

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

 
   Months  Price                    Volume 
 

Jul/Nov 29.50 over to 24.30 over 4,334

   Jul/Jan 24.90 over to 20.20 over    160 

Nov/Jan 2.80 under to 4.60 under 1,480

   Nov/Mar  7.50 under to 9.30 under     9 
   Jan/Mar  4.20 under to 4.90 under   365 
   Jan/May  7.50 under                   2 
   Jan/Nov 30.00 over                    3 
   Mar/May  2.60 under to 4.70 under   208 
   Mar/Jul  5.00 under                  36 
   May/Jul  1.00 over to 3.80 under    239 
   Jul/Nov 43.00 over to 40.00 over     17 
 

Source: MarketsFarm, [e-mail]

(END) Dow Jones Newswires

05-19-23 1540ET