ICE Review : Canola Closes Lower as Early Gains Fade

WINNIPEG, Manitoba--Intercontinental Exchange canola futures close slightly lower on Thursday, after earlier gains faded away.

A trader said fund buying generated the gains earlier in the session, but once that stopped prices began to drift lower.

Chicago soybeans and soyoil also saw their increases turn into losses, while soymeal held on to small upticks. European rapeseed also had trouble retaining its increases, ending the day mixed. However, Malaysian palm oil finished strong.

As the U.S. dollar turned higher, the Canadian dollar retreated at mid-afternoon Thursday. The loonie fell to 73.89 U.S. cents compared to Wednesday's close of 74.23.

There were 54,300 contracts traded on Thursday, compared to Wednesday when 60,647 contracts changed hands. Spreading accounted for 31,526 contracts traded.

 
Prices are in Canadian dollars per metric ton: 
 
Canola      Price       Change 
 May        623.20      dn 1.80 
 Jul        633.30      dn 1.50 
 Nov        641.60      dn 1.20 
 Jan        649.50      dn 0.90 
 
Spread trade prices are Canadian dollars and the volume represents the number of spreads: 
 
Months                    Prices                Volume 
May/Jul          8.70 under to 10.70 under      10,866 
May/Nov         16.40 under to 19.00 under          73 
May/Mar         29.50 under to 31.80 under          13 
Jul/Nov          7.10 under to 9.00 under        4,134 
Jul/Jan         13.00 under to 13.70 under           5 
Nov/Jan          7.10 under to 8.10 under          578 
Nov/Mar         12.20 under to 12.80 under          25 
Jan/Mar          4.30 under to 4.90 under           69 
 

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

(END) Dow Jones Newswires

03-14-24 1532ET