WINNIPEG--Intercontinental Exchange canola futures were higher at the close on Thursday. The front contracts remained on the upswing throughout the session, while the deferred positions turned around to make gains.
A trader said the shorts are scrambling to exit their January positions. He also noted the canola spreads are becoming narrower.
Support for the Canadian oilseed came from upticks in the Chicago soy complex and European rapeseed. Malaysian palm oil failed to overcome earlier losses to finish slightly lower. Declines in global crude oil prices put pressure on vegetable oils.
Canola crush margins continued to moderate, taking away a little bit of support from the oilseed.
The Canadian dollar was higher at mid-afternoon, with the loonie at 73.63 U.S. cents, compared to Wednesday's close of 73.31.
There were 41,117 contracts traded Thursday, which compares with Wednesday, when 26,164 contracts changed hands. Spreading accounted for 29,984 contracts traded.
Settlement prices are in Canadian dollars per metric ton.
Price Change Canola Jan 875.20 up 11.60 Mar 861.10 up 8.70 May 861.30 up 7.50 Jul 861.80 up 6.40
Spread trade prices are Canadian dollars and the volume represents the number of spreads:
Months Prices Volume Jan/Mar 16.20 over to 9.90 over 5,796 Jan/Jul 17.50 over to 14.40 over 124 Mar/May 3.40 over to 2.00 under 3,722 Mar/Jul 4.90 over to 1.00 under 335 Mar/Nov 29.50 over to 26.00 over 354 May/Jul 2.50 over to 1.60 under 2,856 May/Nov 25.30 over to 25.10 over 130 Jul/Nov 27.50 over to 22.90 over 1,653 Nov/Jan 3.00 over to 2.80 over 22
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
12-08-22 1531ET