ICE Review : Canola Finds Strength in Higher Veg Oils

WINNIPEG, Manitoba--Intercontinental Exchange canola futures turned around on Thursday to reclaim some losses it suffered this week.

A trader commented canola became oversold after a long liquidation. He said the Canadian oilseed was aided by spillover from sharp upticks in Chicago soyoil.

Additional support for canola came from gains in Chicago soybeans, European rapeseed and Malaysian palm oil. A little bit of pressure came from small losses in Chicago soymeal.

Global crude oil prices lost their earlier gains and were now virtually unchanged.

The Canadian dollar was slightly lower at mid-afternoon Thursday with the loonie at 73.58 U.S. cents compared to Wednesday's close of 73.67.

There were 51,615 contracts traded on Thursday, which compares with Wednesday when 52,974 contracts changed hands.

Spreading accounted for 37,426 contracts traded.

Prices are in Canadian dollars per metric tonne:

 
Canola 
        Price       Change 
  Jan   666.60      up 16.70 
  Mar   675.20      up 15.90 
  May   682.80      up 15.10 
  Jul   688.30      up 13.80 
 

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

 
 Months                 Prices              Volume 
 Jan/Mar        7.80 under to 9.50 under    12,696 
 Jan/May        15.60 under to 17.10 under     618 
 Jan/Jul        21.70 under to 23.60 under     117 
 Jan/Nov        21.10 under to 23.20 under      31 
 Mar/May        7.30 under to 8.50 under     3,440 
 Mar/Jul        12.90 under to 14.50 under     354 
 Mar/Nov        12.50 under to 13.30 under       2 
 May/Jul        5.30 under to 6.80 under     1,027 
 Jul/Nov        2.00 over to 0.10 over         426 
 Nov/Jan        1.30 under to 1.50 under         2 
 

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

(END) Dow Jones Newswires

12-07-23 1536ET