WINNIPEG--The ICE Futures canola market was mostly higher on Friday, with only the lightly traded July contract still posting losses as the old-/new-crop spread narrowed.
Chart-based buying on ideas Thursday's selloff was overdone contributed to the gains, as the November contract bounced off its 100-day moving average.
A rally in the Chicago Board of Trade soy complex, tight old-crop supplies and persistent dryness concerns for the new crop across much of the Prairies were supportive.
Sharp losses in the Canadian dollar over the past week added to the firmer tone in canola, as that should boost crush margins and make exports more attractive to global buyers.
About 23,056 canola contracts traded on Friday, which compares with Thursday when 17,590 contracts changed hands.
Spreading accounted for 9,786 of the contracts traded.
Settlement prices are in Canadian dollars per metric ton.
Canola Jul 763.10 dn 24.00
Nov 694.00 up 27.60
Jan 693.70 up 25.80
Mar 690.90 up 25.60
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Months Prices Volume
Jul/Nov 116.90 over to 53.80 over 1,352
Jul/Jan 114.70 over to 69.50 over 104
Nov/Jan 0.40 over to 2.50 under 2,907
Nov/Mar 1.10 under 1
Nov/Jul 8.00 over to 8.00 over 4
Jan/Mar 3.00 over to 1.40 over 279
Jan/May 5.30 over to 5.30 over 91
Mar/May 3.00 over to 2.20 over 127
May/Jul 7.40 over to 7.00 over 15
Jul/Nov 89.00 over to 65.40 over 13
(END) Dow Jones Newswires