WINNIPEG--The ICE Futures canola market settled with small losses on Friday, finishing well off session lows.
Weakness in world energy and equity markets amid mounting macroeconomic concerns weighed heavily on Chicago soy complex, which accounted for some spillover selling in canola.
However, ideas canola remains underpriced helped prop up the Canadian oilseed, with wide crush margins making canola very attractively priced to end users.
Weakness in the Canadian dollar, which was trading at its softest levels in over two years relative to its U.S. counterpart, also provided some support.
The advancing Prairie harvest remained a bearish influence in the background. Weather conditions look relatively favorable across the Prairies over the next week.
About 25,919 canola contracts traded Friday, which compares with Thursday when 29,782 contracts changed hands.
Spreading accounted for 15,492 of the contracts traded.
Settlement prices are in Canadian dollars per metric ton.
Canola
Nov 818.70 dn 0.90
Jan 828.00 dn 1.10
Mar 835.20 dn 1.20
May 837.80 dn 1.20
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Nov/Jan 9.20 under to 9.90 under 3,720
Nov/Mar 16.40 under to 17.00 under 189
Nov/May 19.60 under 1 Nov/Nov 5.20 over to 0.50 under 95
Jan/Mar 7.10 under to 7.60 under 1,868
Mar/May 2.40 under to 3.00 under 1,206
Mar/Jul 4.80 under to 5.30 under 85 May/Jul 1.60 under to 2.70 under 371 Jul/Nov 26.00 over to 21.60 over 211
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
09-23-22 1603ET
