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