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