ICE Review : Canola Lower on Soyoil Losses and Strong Canadian Dollar

WINNIPEG, Manitoba--The ICE Futures canola market was weaker as strength in the Canadian dollar and losses in soyoil weighed on values.

The Canadian dollar was up by more than a half cent relative to its U.S. counterpart, cutting into crush margins while also making exports less attractive to global buyers.

A downturn in Chicago soyoil after early gains spilled over to weigh on the canola, although advances in crude oil lended some support to the world vegetable oil markets.

Nearby technical trends remain pointed lower for canola, with little fresh fundamental news to provide support.

An estimated 49,905 contracts traded on Thursday, which compares with Wednesday when 41,741 contracts traded. Spreading accounted for 35,050 of the contracts traded.

Settlement prices are in Canadian dollars per metric ton.

Canola

Contracts Prices Change

   Jan        651.70  dn 8.60 
   Mar        663.90  dn 4.40 
   May        671.80  dn 3.30 
   Jul        677.50  dn 3.20 
 

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

 
   Contracts  Prices                     Volume 
   Jan/Mar     7.70 under to 12.50 under 12,639 
   Jan/May    14.70 under to 19.40 under    114 
   Jan/Jul    19.50 under to 22.90 under     21 
   Jan/Nov    18.50 under to 24.00 under     74 
   Mar/May     6.60 under to 8.10 under   2,990 
   Mar/Jul    11.30 under to 13.60 under    409 
   May/Jul     4.60 under to 5.90 under   1,015 
   May/Nov     4.60 under                     1 
   Jul/Nov     2.70 over to 0.50 over       262 
 

Source: MarketsFarm, [e-mail]

(END) Dow Jones Newswires

12-14-23 1550ET