WINNIPEG, Manitoba--Intercontinental Exchange canola futures fell back on Wednesday, giving up the gains they made yesterday.
Even without fresh bearish news, an analyst said it was "back into the tank we go," as canola prices retreated. Another analysts stated canola was oversold and that positioning ahead of the earnings report from tech giant Nvidia influenced the equity and commodities markets.
Losses in the Chicago soy complex, European rapeseed and Malaysian palm oil added to the negative tone in canola. Modest upticks in global crude oil prices attempted to limit further declines in the oilseeds.
The Canadian dollar bumped up at mid-afternoon Wednesday with the loonie at 74.04 U.S. cents compared to Tuesday's close of 73.98.
There were 46,215 contracts traded on Wednesday, compared to Tuesday when 67,009 contracts changed hands. Spreading accounted for 26,490 contracts traded.
Prices are in Canadian dollars per metric ton: Canola Price Change Mar 574.00 dn 10.80 May 584.10 dn 9.30 Jul 593.40 dn 8.70 Nov 600.10 dn 7.50 Spread trade prices are Canadian dollars and the volume represents the number of spreads: Months Prices Volume Mar/May 7.70 under to 10.70 under 7,598 Mar/Jul 18.00 under to 19.00 under 59 Mar/Nov 25.80 under to 25.90 under 5 May/Jul 8.10 under to 9.40 under 3,426 May/Nov 13.20 under to 15.90 under 43 May/Jan 21.10 under to 21.50 under 5 Jul/Nov 4.90 under to 6.50 under 1,790 Nov/Jan 4.70 under to 6.40 under 319
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
02-21-24 1531ET