WINNIPEG--The ICE Futures canola market was stronger Thursday, seeing a continuation of Wednesday's rally amid ideas the oilseed remains underpriced compared with its product values.
Gains in Chicago soyoil and continued weakness in the Canadian dollar contributed to the strength in canola, as crush margins remain historically wide.
European rapeseed futures were also stronger, although Malaysian palm oil and Chicago soybeans were slightly softer. The advancing Prairie harvest remained a bearish influence in the background.
About 29,782 canola contracts traded Thursday, which compares with Wednesday, when 42,036 contracts changed hands. Spreading accounted for 19,866 of the contracts traded.
Settlement prices are in Canadian dollars per metric ton.
Canola Nov 819.60 up 17.40
Jan 829.10 up 17.20
Mar 836.40 up 17.10
May 839.00 up 16.90
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Nov/Jan 9.20 under to 9.80 under 4,648
Nov/Mar 16.60 under to 17.10 under 136
Nov/May 20.00 under 1
Nov/Nov 3.90 over to 2.80 over 12
Jan/Mar 7.00 under to 7.70 under 3,159
Mar/May 2.10 under to 3.00 under 1,562
Mar/Jul 4.50 under to 4.90 under 68
May/Jul 2.00 under to 2.50 under 195
Jul/Nov 26.00 over to 25.00 over 152
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
09-22-22 1532ET
