WINNIPEG, Manitoba--The ICE Futures canola market was weaker on Wednesday, retreating from early gains as chart-based speculative buying gave way to increased farmer selling.

Early strength in Chicago soybeans and soyoil had provided support, but beans turned lower and soyoil moved off its session highs.

Widespread rains across the Prairies may delay seeding operations but were seen as beneficial for crops in the long run, with the improving moisture conditions weighing on prices.

There were an estimated 43,267 contracts traded on Wednesday, which compares with Tuesday when 41,176 contracts traded.

Spreading accounted for 22,350 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne. 


 
 Canola 
        Price   Change 
 Jul    649.30  dn 6.00 
 Nov    669.30  dn 4.50 
 Jan    676.80  dn 4.40 
 Mar    683.40  dn 3.60

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


 
 Months                 Prices                 Volume 
 Jul/Nov        18.10 under to 20.90 under      9,222 
 Jul/Jan        25.10 under to 28.30 under        220 
 Jul/Mar        32.70 under                         1 
 Nov/Jan        6.80 under to 8.00 under        1,289 
 Jan/Mar        5.30 under to 6.80 under          430 
 Mar/May        0.40 over to 1.80 under            10 
 May/Jul        3.50 over                           1 
 Jul/Nov        34.90 over to 30.40 over            2

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


(END) Dow Jones Newswires

05-15-24 1532ET