WINNIPEG, Manitoba--The ICE Futures canola market had its best trading day in 2024 on Wednesday, finding some support from vegetable oils.
Agriculture and Agri-Food Canada lowered its production forecast for 2024-25 canola to 18.1 million metric tons on Tuesday, from the February estimate of 18.4 million tons. Projected carryout for the upcoming marketing year was reduced by 300,000 metric tons to 1.65 million tons.
Chicago soyoil, Malaysian palm oil and European rapeseed were higher. Crude oil prices dropped while the Federal Reserve announced no immediate changes to its key interest rates.
At mid-afternoon, the Canadian dollar was up one-quarter of a U.S. cent compared with Tuesday's close.
There were 69,761 canola contracts traded on Wednesday, up from Tuesday when 43,578 contracts changed hands. Spreading accounted for 41,630 of the contracts traded. Settlement prices are in Canadian dollars per metric ton.
Contract Price Change May 648.60 up 14.10 Jul 657.20 up 13.20 Nov 663.50 up 13.20 Jan 671.00 up 12.80
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Contracts Spread Volume May/Jul 8.30 under to 9.80 under 13,181 May/Nov 13.70 under to 15.20 under 1,611 May/Mar 25.70 under to 26.50 under 11 Jul/Nov 5.20 under to 6.50 under 5,451 Jul/Jan 12.50 under to 13.10 under 3 Nov/Jan 7.10 under to 7.90 under 470 Nov/Mar 10.70 under to 12.10 under 14 Jan/Mar 3.30 under to 4.80 under 63 Mar/May 2.00 over to 0.80 over 11
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
03-20-24 1521ET