WINNIPEG, Manitoba--The ICE Futures canola market settled at its highest levels in three weeks on Wednesday, underpinned by supportive technical signals, spillover from gains in outside markets and talk that China was in the market booking some cargoes of Canadian canola.
Malaysian palm oil climbed to its highest levels in six months in overnight activity, while Chicago soyoil was stronger on the day.
Chart-based speculative positioning contributed to the gains, as the May contract held above its 20-day moving average.
However, an attempt at moving above psychological resistance at C$600 per tonne was short-lived, with selling coming forward above that level.
Statistics Canada releases planted acreage estimates on Monday, March 11, with average trade guesses expecting intentions to come in below the 22.1 million acres seeded in 2023.
There were an estimated 35,323 contracts traded on Wednesday, which compares with Tuesday when 34,094 contracts traded.
Spreading accounted for 19,350 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Canola
Price Change
May 598.90 up 3.60
Jul 606.90 up 3.40
Nov 613.90 up 3.20
Jan 619.20 up 2.60
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Months Prices Volume Mar/May 10.00 under to 10.20 under 17 May/Jul 7.50 under to 8.40 under 6,540 May/Nov 14.70 under to 16.10 under 180 Jul/Nov 6.70 under to 7.80 under 2,888 Nov/Jan 5.30 under to 6.00 under 50
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
03-06-24 1528ET
