WINNIPEG, Manitoba--The ICE Futures canola market fell to its lowest levels in three weeks on Thursday, seeing a continuation of Wednesday's selloff. Increased farmer hedges after recent gains, bearish technical signals and spillover from outside markets contributed to the declines.

Canola was not included in interim rules on biofuel feedstock guidelines from the U.S. Department of Agriculture released Wednesday, which raised concerns over demand from the U.S. biodiesel sector and weighed on values.

Chicago soyoil, European rapeseed and Malaysian palm oil were all down on the day, adding spillover pressure on the canola market.

However, tightening supply projections and the need to ration demand going forward helped temper the declines.

There were an estimated 85,621 contracts traded on Thursday, which compares with Wednesday when 75,170 contracts traded. Spreading accounted for 55,778 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.


 
           Price      Change 
Mar       606.80    dn 23.30 
May       616.40    dn 23.40 
Jul       624.80    dn 22.20 
Nov       616.80    dn 13.50 

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


 
Months    Prices                            Volume 
Mar/May   8.90 under to 11.90 under         16,853 
Mar/Jul   16.60 under to 20.60 under           109 
Mar/Nov   8.90 under                             1 
May/Jul   7.00 under to 8.80 under           6,358 
May/Nov   7.50 over to 0.40 under               28 
Jul/Nov   16.80 over to 7.50 over            4,369 
Nov/Jan   5.10 under to 6.20 under             143 
Nov/Mar   5.60 under to 5.80 under               3 
Nov/Jul   3.10 under                             9 
Jan/Mar   0.30 under to 1.00 under              13 
Mar/Jul   1.90 over                              1 
May/Jul   2.90 over to 2.40 over                 2 
 

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


(END) Dow Jones Newswires

01-16-25 1534ET