WINNIPEG, Manitoba--The ICE Futures canola market was weaker on Wednesday, taking back most of Tuesday's gains as the correction proved short-lived and bearish technical signals kept values under pressure.

The most-active March contract remained well below most major moving averages, although chart support appeared to be holding to the downside as the recent weakness should be bringing in some end-user demand.

Losses in Chicago soybeans and soyoil added to the softer tone in canola, although European rapeseed and Malaysian palm oil futures were up on the day.

There were an estimated 32,562 contracts traded on Wednesday, down from Tuesday when 35,370 contracts traded. Spreading accounted for 16,574 of the contracts traded.

Settlement prices are in Canadian dollars per metric ton. 


Canola 
Mar  619.60  dn 5.70 
May  627.60  dn 5.30 
Jul  633.20  dn 5.30 
Nov  631.90  dn 5.40

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


Contracts          Spread             Volume 
Mar/May   7.00 under to 8.20 under    6,146 
Mar/Jul  12.90 under to 13.90 under      46 
Mar/Nov  12.40 under to 12.50 under      10 
May/Jul   5.00 under to 5.90 under    1,658 
Jul/Nov   1.60 over to 0.70 over        427

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


(END) Dow Jones Newswires

01-10-24 1522ET