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