ICE Review : Canola Begins March on a Down Note

WINNIPEG, Manitoba--The ICE Futures canola market showed some weakness on Friday despite variable sentiment across the markets.

On the week ended Feb. 25, Canada exported 77,500 tons of canola, the smallest amount in four weeks, according to the Canadian Grain Commission. Total exports this marketing year so far are 3.365 million tons, down 33.8% from last year.

Chicago soyoil was steady and Malaysian palm oil was down. However, European rapeseed was up and crude oil gained more than US$1 per barrel on speculation OPEC+ could extend supply cuts later this month.

At mid-afternoon, the Canadian dollar was up one-tenth of a U.S. cent compared to Thursday's close.

There were 33,467 canola contracts traded on Friday, which compares with Thursday when 36,638 contracts changed hands. Spreading accounted for 21,146 of the contracts traded.

 
Settlement prices are in Canadian dollars per metric ton. 
 
Canola      Price           Change 
 May        590.80          dn 2.90 
 Jul        598.20          dn 2.70 
 Nov        605.80          dn 2.50 
 Jan        611.70          dn 2.30 
 
Spread trade prices are in Canadian dollars and the volume represents the number of spreads: 
 
Mar/May         10.80 under to 16.50 under         90 
Mar/Jul         18.70 under to 22.10 under         19 
Mar/Nov         27.70 under to 31.00 under         65 
May/Jul          7.00 under to 8.00 under       7,197 
May/Nov         14.10 under to 15.30 under        419 
May/Jan         20.80 under to 21.30 under          2 
Jul/Nov          7.10 under to 7.80 under       2,697 
Nov/Jan          5.20 under to 6.00 under          84 
 

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

(END) Dow Jones Newswires

03-01-24 1549ET