WINNIPEG, Manitoba--Intercontinental Exchange canola futures closed mixed after attempting to turn positive.
Wednesday's dip in canola was in part because of farmer selling, a broker said, as prairie cash prices reaching 14 Canadian dollars per bushel spurred producers to sell their canola ahead of spring planting. Routine seasonal rebounds along with some short covering were behind the gains, he added.
While support for canola came from upticks in Chicago soybeans and soyoil, along with Malaysian palm oil, declines in Chicago soymeal and European rapeseed limited gains. Stronger global crude-oil prices lent support to the oilseeds.
The nearby May canola contract remained well above its 50-day moving average, underpinning its value.
Statistics Canada reported the country's 2023 canola crush tallied 10.52 million metric tons, improving on the previous year's crush of 8.77 million.
The Canadian dollar is higher, rising to 74.25 U.S. cents compared to Tuesday's close of 74.08.
There were 60,647 contracts traded on Wednesday, compared to Tuesday when 44,542 contracts changed hands. Spreading accounted for 39,664 contracts traded.
Prices are in Canadian dollars per metric ton:
Contract Price Change May 625.00 dn 2.70 Jul 634.80 dn 1.20 Nov 642.80 up 0.90 Jan 650.40 up 1.00
Spread trade prices are Canadian dollars and the volume represents the number of spreads:
Contracts Prices Volume May/Jul 7.80 under to 9.90 under 12,873 May/Nov 13.40 under to 17.50 under 55 May/Mar 26.10 under to 29.70 under 13 Jul/Nov 5.20 under to 8.00 under 6,090 Jul/Jan 13.00 under to 13.70 under 5 Nov/Jan 6.90 under to 7.70 under 710 Nov/Mar 9.60 under to 12.00 under 20 Jan/Mar 2.40 under to 4.80 under 66
Source: MarketsFarm, news@marketsfarm.com
(END) Dow Jones Newswires
03-13-24 1548ET
