WINNIPEG, Manitoba--The ICE Futures canola market was sharply lower on Wednesday, taking back all the gains from earlier in the week to settle just above contract lows in the absence of any supportive news as the market continued its attempts to uncover fresh demand.
Bearish chart signals and increased farmer selling after small advances earlier in the week contributed to the declines, with spillover from the losses in Chicago soybeans and soyoil also weighing on prices.
However, gains in Malaysian palm oil and European rapeseed futures provided some support.
There were an estimated 90,567 contracts traded on Wednesday, which compares with Tuesday when 63,207 contracts traded. Spreading was a feature as participants were busy rolling their positions out of the nearby March contract, accounting for 74,790 of the contracts traded.
Settlement prices are in Canadian dollars per metric ton. Canola Price Change Mar 580.80 dn 14.70 May 589.40 dn 13.10 Jul 597.80 dn 11.20 Nov 602.30 dn 7.20 Spread trade prices are in Canadian dollars and the volume represents the number of spreads: Mar/May 7.00 under to 9.30 under 18,954 Mar/Jul 13.50 under to 15.70 under 1,176 Mar/Nov 14.00 under to 18.10 under 61 May/Jul 6.20 under to 8.60 under 11,414 May/Nov 11.10 under to 12.80 under 14 May/Jul 6.00 under 1 Jul/Nov 0.30 under to 5.40 under 5,760 Nov/Jan 3.60 under to 4.40 under 15
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
02-14-24 1531ET