ICE Review : Canola Pressured by StatCan Report

WINNIPEG, Manitoba--Canola futures on the Intercontinental Exchange continued to move lower on Thursday after Statistics Canada released its latest principal field crop estimates earlier in the day.

StatCan reported a record canola crop of 21.80 million tonnes, 1.77 million more than its September estimate and 2.56 million more than last year's crop.

An analyst said the production estimate was larger than expected and he predicted canola prices will struggle as long as China remains absent from the Canadian export program.

Chicago soyoil was slightly higher, while European rapeseed and Malaysian palm oil were lower. Crude oil was up after Ukrainian attacks on Russian oil infrastructure.

At mid-afternoon, the Canadian dollar was steady compared to Wednesday's close.

There were 93,401 canola contracts traded on Thursday, compared to Wednesday when 84,112 contracts changed hands. Spreading accounted for 64,316 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

 
           Price      Change 
Jan       625.00     dn 4.20 
Mar       639.20     dn 3.50 
May       652.00     dn 2.80 
Jul       660.20     dn 1.90 

Spread trade prices are in Canadian dollars and the volume represents the number of spreads:

 
Months    Prices                            Volume 
Jan/Mar   13.40 under to 14.30 under        18,682 
Jan/May   25.40 under to 27.20 under           635 
Jan/Jul   33.30 under to 35.20 under            48 
Jan/Nov   27.00 under to 33.00 under            43 
Mar/May   11.50 under to 13.00 under         8,678 
Mar/Jul   18.90 under to 21.50 under           151 
Mar/Nov   16.70 under to 19.10 under            39 
May/Jul   6.90 under to 8.70 under           2,772 
Jul/Nov   6.00 over to 2.00 over             1,098 
Nov/Jan   5.00 under to 5.40 under               9 
Jan/Mar   0.40 under to 0.90 under               3 
 

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

(END) Dow Jones Newswires

12-04-25 1517ET