WINNIPEG, Manitoba--ICE Futures canola market managed to settle higher for the second session in a row on Friday, continuing to recover off recently hit contract lows as the market found independent strength despite losses in the Chicago soy complex.

Updated production and stocks data from the U.S. Department of Agriculture was bearish for soybeans, as yields, production and ending stocks all beat average trade guesses.

While canola also moved lower immediately following the U.S. data, the Canadian oilseed uncovered support and moved higher by the close.

End-user bargain hunting and speculative positioning contributed to the gains amid ideas recent losses were overdone. Solid weekly export demand was also supportive.

There were an estimated 42,484 contracts traded on Friday, up from Thursday's 34,477 contracts.

Spreading accounted for 27,128 of the contracts traded.

Canola settlement prices are in Canadian dollars per metric ton. 


Contract   Price    Change 
March      627.00   up 4.30 
May        634.70   up 4.70 
July       640.70   up 5.30 
November   638.30   up 4.40

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


Contract           Spread            Volume 
Mar/May   6.60 under to 7.90 under   7,124 
Mar/Jul  12.10 under to 14.00 under    262 
Mar/Nov  11.10 under to 12.60 under    885 
May/Jul   4.70 under to 6.30 under   2,852 
May/Nov   3.30 under to 4.90 under     296 
Jul/Nov   2.50 over to 1.20 over     1,753 
Nov/Jan   4.20 under to 7.40 under     390 
Jan/Mar   0.00                           2

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


(END) Dow Jones Newswires

01-12-24 1558ET