ICE Review : Canola Pulls Back as Crude Oil Falls

WINNIPEG, Manitoba--It was a red day on the markets and canola futures on the Intercontinental Exchange were no exception.

Crude oil lost between $2 to $4 per barrel after the U.S. and Iran said there could be an end to the Middle East war in the near future. The news shrunk the risk premiums for crops.

A trader attributed profit-taking, the long weekend and bearish fundamentals for canola's downturn, adding that lower prices could raise buying interest from China.

Chicago soyoil lost more than one U.S. cent per pound, while European rapeseed and Malaysian palm oil were down.

The Canadian dollar gained one-quarter of a U.S. cent compared to Tuesday's close.

There were 56,844 canola contracts traded on Wednesday, compared to Tuesday when 62,917 contracts changed hands. Spreads accounted for 30,168 contracts.

Settlement prices are in Canadian dollars per metric ton.

 
   Contracts  Prices   Change 
 
   May          718.50  dn 13.30 
   Jul             731.80  dn 12.70 
   Nov           725.50  dn 11.10 
   Jan             731.40  dn 10.80 
 

Spread trade prices are in Canadian dollars:

 
   Contracts  Prices                                   Volume 
 
   May/Jul    12.50 under to 13.30 under  9,157 
   May/Nov    4.50 under to 8.20 under       374 
   Jul/Nov       8.20 over to 5.00 over        4,008 
   Jul/Jan        2.20 over to 0.40 over             36 
   Nov/Jan      4.80 under to 6.00 under    1,418 
   Jan/Mar      3.60 under to 4.50 under         64 
   Mar/May    0.60 under to 1.00 under         18 
   May/Jul      0.40 over to 0.20 under             9 
 

Source: MarketsFarm, [e-mail]

(END) Dow Jones Newswires

04-01-26 1543ET