ICE Review : Another Day of Losses for Canola

WINNIPEG, Manitoba--After hitting a 21-month low on Tuesday, the ICE Futures canola market extended its losses further on Wednesday.

The Chicago soy complex retreated yet again, while European rapeseed and Malaysian palm oil were also lower. Crude oil gained more than US$1 per barrel due to declining United States stockpiles and the U.S. Federal Reserve's announcement it will raise its key interest rates by one-quarter of a point.

At mid-afternoon, the Canadian dollar was up less than one-tenth of a U.S. cent compared to Tuesday's close.

About 48,642 canola contracts were traded on Wednesday, which compares with Tuesday when 34,885 contracts changed hands. Spreading accounted for 30,260 of the contracts traded. Settlement prices are in Canadian dollars per metric tonne.

 
            Prices      Change 
 Canola 
 May        720.00      dn 9.40 
 Jul        705.70      dn 13.80 
 Nov        683.10      dn 13.90 
 Jan        686.90      dn 14.20 
 

Spread trade prices are in Canadian dollars and the volume represents the number of spreads:

 
 Months                  Prices                 Volume 
 May/Jul        14.80 over to 9.00 over          9,054 
 May/Nov        39.70 over to 32.00 over           144 
 Jul/Nov        25.00 over to 22.40 over         5,382 
 Jul/Jan        20.90 over to 20.70 over           200 
 Nov/Jan         3.70 under to 4.00 under          343 
 Nov/Mar        7.50 under                           2 
 Jan/Mar        3.80 under                           5 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

03-22-23 1549ET