ICE Review : Canola Lower on Soyoil and Palm Oil Weakness, Strong Canadian Dollar

WINNIPEG, Manitoba--The ICE Futures canola market went back into negative territory despite repeated attempts to make gains, mainly because of weakness in comparable oils and a stronger Canadian dollar.

Chicago soyoil and Malaysian palm oil were both in the red Thursday, while European rapeseed was up. Crude oil had a negative correction after rallying over the past few days.

At mid-afternoon, the Canadian dollar was up nearly four-tenths of a U.S. cent compared to Wednesday's close.

There were 33,225 canola contracts traded, compared with 43,684 contracts on Wednesday. Spreading accounted for 21,446 of the contracts traded.

Settlement prices are in Canadian dollars per metric ton.

 
   Contracts  Price   Change 
   Jan        642.40  dn 5.90 
   Mar        656.30  dn 5.50 
   May        665.30  dn 5.20 
   Jul        671.40  dn 5.00 
 

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

 
   Contracts   Price                      Volume 
   Jan/Mar     13.30 under to 14.90 under 4,844 
   Jan/May     22.60 under                    1 
   Jan/Jul     28.40 under to 29.00 under   291 
   Jan/Nov     25.10 under to 26.00 under    10 
   Mar/May      8.60 under to 9.40 under  3,503 
   Mar/Jul     14.50 under to 15.70 under   441 
   Mar/Nov     11.20 under to 12.30 under   238 
   May/Jul      5.70 under to 6.70 under  1,070 
   Jul/Nov      4.10 over to 2.30 over      319 
   Nov/Jan      1.10 under                    6 
 

Source: MarketsFarm, [e-mail]

(END) Dow Jones Newswires

12-21-23 1538ET