WINNIPEG, Manitoba--The ICE Futures canola market was stronger, finding support from gains in Chicago soyoil.
Chart-based positioning was a feature Thursday amid ideas recent losses were overdone. End-user bargain hunting and a lack of significant farmer selling also provided support.
The U.S. Agriculture Department is scheduled to release several reports on Friday, including the final U.S. production numbers for the 2023 crop and updated South American projections. Traders were thought to be squaring up positions ahead of the data.
Ample supplies continue to overhang the canola market as exports have been running well off the year-ago pace, keeping a lid on the upside.
An estimated 34,477 contracts traded on Thursday, which compares with Wednesday when 32,562 contracts traded. Spreading accounted for 21,052 of the contracts traded.
Settlement prices are in Canadian dollars per metric ton.
Canola
Contracts Prices Change
Mar 622.70 up 3.10 May 630.00 up 2.40 Jul 635.40 up 2.20 Nov 633.90 up 2.00
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Contracts Prices Volume Mar/May 7.10 under to 8.30 under 7,269 Mar/Jul 12.70 under to 13.90 under 37 Mar/Nov 12.20 under to 12.70 under 20 May/Jul 5.10 under to 5.90 under 1,958 May/Nov 4.20 under to 4.50 under 200 Jul/Nov 1.90 over to 1.00 over 1,042
Source: MarketsFarm, news@marketsfarm.com
(END) Dow Jones Newswires
01-11-24 1542ET