WINNIPEG, Manitoba--The ICE Futures canola market had its best trading day in 2024 on Wednesday, finding some support from vegetable oils.

Agriculture and Agri-Food Canada lowered its production forecast for 2024-25 canola to 18.1 million metric tons on Tuesday, from the February estimate of 18.4 million tons. Projected carryout for the upcoming marketing year was reduced by 300,000 metric tons to 1.65 million tons.

Chicago soyoil, Malaysian palm oil and European rapeseed were higher. Crude oil prices dropped while the Federal Reserve announced no immediate changes to its key interest rates.

At mid-afternoon, the Canadian dollar was up one-quarter of a U.S. cent compared with Tuesday's close.

There were 69,761 canola contracts traded on Wednesday, up from Tuesday when 43,578 contracts changed hands. Spreading accounted for 41,630 of the contracts traded. Settlement prices are in Canadian dollars per metric ton. 


 
Contract   Price    Change 
May        648.60   up 14.10 
Jul        657.20   up 13.20 
Nov        663.50   up 13.20 
Jan        671.00   up 12.80

Spread trade prices are in Canadian dollars and the volume represents the number of spreads: 


Contracts            Spread            Volume 
May/Jul     8.30 under to 9.80 under   13,181 
May/Nov    13.70 under to 15.20 under   1,611 
May/Mar    25.70 under to 26.50 under      11 
Jul/Nov     5.20 under to 6.50 under    5,451 
Jul/Jan    12.50 under to 13.10 under       3 
Nov/Jan     7.10 under to 7.90 under      470 
Nov/Mar    10.70 under to 12.10 under      14 
Jan/Mar     3.30 under to 4.80 under       63 
Mar/May     2.00 over to 0.80 over         11

Source: Commodity News Service Canada, news@marketsfarm.com


(END) Dow Jones Newswires

03-20-24 1521ET