WINNIPEG, Manitoba--Intercontinental Exchange canola futures dropped back on Thursday, pulled down by spring planting progress and declines in comparable oils.

Overall seeding progress in Saskatchewan reached 77 percent complete with the province's canola at 71 percent finished.

There were losses in the Chicago soy complex, European rapeseed and Malaysian palm oil. Decreases in global crude oil added more pressure on the oilseeds.

Statistics Canada released its monthly report on producer deliveries of major grains, showing those for canola came to 1.44 million tonnes, up from 1.20 million a year ago. StatCan also issued its monthly crush report with 957,639 tonnes of canola processed last month compared to 886,489 the previous April.

The Canadian dollar was higher by mid-afternoon Thursday with the loonie rising to 73.15 U.S. cents compared to Wednesday's close of 72.99.

There were 45,524 contracts traded on Thursday, compared to the 30,983 contracts that changed hands on Wednesday.

Spreading accounted for 28,112 contracts traded.

Prices are in Canadian dollars per metric tonne: 


 
 Canola 
        Price    Change 
  Jul   660.20  dn 11.50 
  Nov   683.20  dn 9.70 
  Jan   691.00  dn 10.20 
  Mar   698.00  dn 10.60

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


 
  Months                  Prices                Volume 
  Jul/Nov       21.10 under to 23.20 under      12,362 
  Jul/Jan       29.40 under to 31.40 under         154 
  Jul/Mar       37.90 under to 38.80 under           7 
  Nov/Jan       7.70 under to 8.40 under           978 
  Jan/Mar       6.50 under to 7.40 under           409 
  Mar/May       3.40 under to 4.80 under            78 
  Mar/Jul       3.00 under                          28 
  May/Jul       2.60 over to 0.70 over              21 
  Jul/Nov       38.00 over to 36.30 over            19

Source: Commodity News Service Canada, news@marketsfarm.com


(END) Dow Jones Newswires

05-30-24 1529ET