ICE Review : Canola Rises With Soyoil

WINNIPEG, Manitoba--The ICE Futures canola market was stronger on Thursday, underpinned by chart-based positioning and ideas losses earlier in the week were overdone.

Gains in Chicago soyoil provided spillover support, although soybeans were mixed. European rapeseed and Malaysian palm oil futures traded near unchanged, providing little direction.

Concerns over seeding delays across the Prairies after recent rains helped underpin the futures despite ideas that the moisture will be good for production in the long run.

Saskatchewan's canola crop was 17% seeded as of this past Monday, according to a weekly report released earlier Thursday, which compares with 19% done at the same point a year ago.

There were an estimated 34,218 contracts traded on Thursday, which compares with Wednesday when 43,267 contracts traded. Spreading accounted for 19,818 of the contracts traded.

 
Settlement prices are in Canadian dollars per metric ton. 
 
Canola     Price        Change 
 Jul       651.50       up 2.20 
 Nov       673.20       up 3.90 
 Jan       681.80       up 5.00 
 Mar       689.60       up 6.20 
 
Spread trade prices are in Canadian dollars and the volume represents the number of spreads: 
 
Jul/Nov        19.80 under to 22.00 under        7,856 
Jul/Jan        27.80 under to 30.50 under           97 
Nov/Jan         7.30 under to 8.80 under         1,093 
Nov/Mar        16.50 under                           2 
Nov/Jul        14.60 under to 16.40 under            6 
Jan/Mar         6.60 under to 8.10 under           754 
Jan/May        11.50 under                           1 
Mar/May         1.60 under to 3.60 under            84 
Mar/Jul         0.10 under                           5 
May/Jul         3.10 over to 2.30 over              11 
 

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

(END) Dow Jones Newswires

05-16-24 1536ET