WINNIPEG, Manitoba--Intercontinental Exchange canola futures busted through the C$600 per-metric-ton support level in the front contracts, and prices hit some of their lowest levels since September 2020.
Increased farmer deliveries of canola coupled with lackluster exports weighed on the oilseed's values on Friday.
Additional pressure on canola came from sharp declines in the Chicago soy complex along with more modest losses in European rapeseed and Malaysian palm oil. Weakness in global crude-oil prices weighed on vegetable oil values.
The Canadian dollar fell back, at 74.28 U.S. cents compared to Thursday's close of 74.60.
There were 55,789 contracts traded on Friday, compared to Thursday when 43,762 contracts changed hands. Spreading accounted for 44,010 contracts traded.
Prices are in Canadian dollars per metric ton:
Contracts Price Change Mar 592.10 dn 9.10 May 598.60 dn 9.80 Jul 602.60 dn 10.10 Nov 602.50 dn 10.00
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Contracts Prices Volume Mar/May 6.00 under to 7.90 under 14,156 Mar/Jul 10.50 under to 11.70 under 975 Mar/Nov 10.20 under to 11.40 under 24 May/Jul 4.00 under to 4.60 under 4,999 May/Nov 3.80 under to 4.20 under 45 Jul/Nov 0.50 over to 0.50 under 1,806
Source: MarketsFarm, news@marketsfarm.com
(END) Dow Jones Newswires
02-02-24 1541ET
