WINNIPEG, Manitoba--The ICE Futures canola market was stronger, seeing a corrective bounce off contract lows to end the week.
Oversold price sentiment and end-user bargain hunting at the lows underpinned the futures on Friday. Gains in Chicago soybeans and European rapeseed provided additional spillover support.
However, Chicago soyoil and Malaysian palm oil futures were both lower, putting some pressure on values.
Increased farmer selling on any moves higher also tempered the gains. Producers are still thought to be sitting on large amounts of unpriced canola.
The canola market will be closed Monday for Manitoba's Louis Riel Day, with much of the rest of the country also celebrating provincial holidays. U.S. markets will be closed for Presidents Day.
An estimated 48,065 contracts traded on Friday, which compares with Thursday when 77,232 contracts traded.
Spreading accounted for 33,252 of the contracts traded.
Settlement prices are in Canadian dollars per metric ton.
Canola
Contracts Prices Change
Mar 577.40 up 10.40 May 587.70 up 10.70 Jul 597.40 up 10.60 Nov 604.20 up 11.50
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Contracts Prices Volume Mar/May 9.00 under to 10.50 under 8,960 Mar/Jul 18.70 under to 20.40 under 411 May/Jul 9.30 under to 10.20 under 5,110 May/Nov 15.90 under to 16.60 under 168 May/Jan 21.00 under to 22.20 under 12 Jul/Nov 6.10 under to 7.00 under 1,923 Nov/Jan 4.60 under to 5.80 under 21 Jan/Mar 1.20 under to 2.00 under 21
Source: MarketsFarm, news@marketsfarm.com
(END) Dow Jones Newswires
02-16-24 1539ET