WINNIPEG, Manitoba--Intercontinental Exchange canola futures gave up earlier gains to close lower.
Pressure on canola Friday came from declines in the Chicago soy complex and European rapeseed. Modest setbacks in global crude-oil prices also weighed on vegetable oils. However, the losses in canola were tempered by upticks in Malaysian palm oil.
The Canadian Grain Commission reported producer deliveries of canola as of Jan. 14 remained behind the year-ago pace at 7.49 million metric tons versus 9.09 million. Exports continued to lag at 2.69 million tons compared to 3.94 million. Domestic usage remained ahead of pace at 4.96 million tons to 4.64 million this time last year.
Canola crush margins eased with the old-crop positions between $170 Canadian dollars to C$180 per ton above the futures.
The Canadian dollar was on the rise at 74.42 U.S. cents compared to Thursday's close of 74.05.
An estimated 41,083 contracts traded on Friday, which compares with Thursday when 28,663 contracts changed hands. Spreading accounted for 28,484 contracts traded.
Prices are in Canadian dollars per metric ton:
Contracts Price Change Mar 628.30 dn 3.50 May 634.90 dn 3.70 Jul 639.40 dn 3.80 Nov 636.20 dn 4.50
Spread trade prices are Canadian dollars and the volume represents the number of spreads:
Contracts Prices Volume Mar/May 5.80 under to 7.00 under 9,867 Mar/Jul 10.00 under to 11.60 under 267 Mar/Nov 6.40 under to 8.80 under 892 May/Jul 3.80 under to 5.00 under 2,215 May/Nov 0.70 under to 1.50 under 4 Jul/Nov 3.90 over to 2.30 over 933 Nov/Jan 4.80 under to 5.10 under 64
Source: MarketsFarm, news@marketsfarm.com
(END) Dow Jones Newswires
01-19-24 1553ET
