WINNIPEG, Manitoba--After a rocky start to the daily session Intercontinental Exchange canola futures closed higher.
Support for canola on Thursday came from upticks in Chicago soybeans and soymeal, along with European rapeseed and Malaysian palm oil. Small losses in Chicago soyoil tempered further increases. Global crude-oil prices turned around to rise higher, which gave support to vegetable oils.
Pressure from the influx of Australian canola on the world market was beginning to wane, an analyst said, and the massive South American soybean harvest has been factored into oilseed prices.
Canola was to remain in "sideways, featureless trade" until the U.S. Agriculture Department releases its 2024 crop outlook next month, he said.
The Canadian dollar was slightly higher at 74.05 U.S. cents compared to Wednesday's close of 73.95.
An estimated 28,663 contracts traded on Thursday, which compares with Wednesday when 42,435 contracts changed hands. Spreading accounted for 17,812 contracts traded.
Canola prices are in Canadian dollars per metric ton:
Contracts Price Change
Mar 631.80 up 5.10 May 638.60 up 5.10 Jul 643.20 up 4.30 Nov 640.70 up 3.20 Spread trade prices are Canadian dollars and the volume represents the number of spreads: Contracts Prices Volume Mar/May 6.10 under to 7.60 under 5,391 Mar/Jul 11.10 under to 13.10 under 15 Mar/Nov 8.80 under to 11.90 under 737 May/Jul 4.50 under to 5.80 under 1,741 May/Nov 2.30 under to 4.40 under 5 Jul/Nov 2.80 over to 0.90 over 976 Nov/Jan 5.10 under to 6.40 under 41
Source: MarketsFarm, news@marketsfarm.com
(END) Dow Jones Newswires
01-18-24 1542ET
