WINNIPEG, Manitoba--The ICE Futures canola market received a big boost on Thursday from hot weather in western parts of the Prairies.
High temperatures in Alberta and Saskatchewan during canola's flowering stage could reduce yield potential, an analyst said.
European rapeseed prices sharply rose and gains in Chicago soyoil supported canola futures. Higher crude oil prices also added to Wednesday's gains. However, Malaysian palm oil was down.
At mid-afternoon, the Canadian dollar was down one-tenth of a U.S. cent compared to Wednesday's close.
There were 49,787 canola contracts traded on Thursday, up from Wednesday's 39,022 contracts. Spreading accounted for 18,260 of the contracts traded. Settlement prices are in Canadian dollars per metric ton.
Contract Price Change November 649.70 up 18.20 January 655.80 up 17.90 March 660.70 up 17.40 May 664.40 up 16.80
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Spread Volume
Nov/Jan 5.60 under to 7.00 under 6,856
Nov/Mar 10.40 under to 12.50 under 155
Nov/May 15.30 under 1
Jan/Mar 4.60 under to 5.70 under 1,685
Mar/May 3.50 under to 4.20 under 341
Mar/Jul 5.00 under 1
May/Jul 0.50 under to 1.50 under 65
Jul/Nov 34.50 over to 31.90 over 26
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
07-18-24 1532ET
