WINNIPEG, Manitoba--The ICE Futures canola market was sharply higher, finding continued support from the Statistics Canada production estimate. Chart-based buying added to the gains, as prices moved above nearby resistance.
The government agency lowered its call Thursday on 2024-25 canola production by over a million metric tons, and the market was working to ration demand. At 17.8 million tons, the canola crop comes in well short of the 19.2 million tons grown the previous year.
Gains in Chicago soyoil provided additional spillover support on Friday, although European rapeseed and Malaysian palm oil were mixed.
Canada exported 193,400 tons of canola during the week ended Dec. 1, bringing the crop year-to-date total to 3.89 million tons, according to the latest Canadian Grain Commission data. That compares with only 2.03 million tons through four months of the previous crop year.
An estimated 89,582 contracts traded on Friday, which compares with Thursday when 69,071 contracts traded.
Spreading accounted for 79,744 of the contracts traded.
Settlement prices are in Canadian dollars per metric ton.
Contracts Prices Change
Jan 609.00 up 18.80 Mar 617.60 up 17.30 May 625.20 up 15.40 Jul 627.80 up 14.80
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Contracts Prices Volume Jan/Mar 7.90 under to 10.70 under 24,414 Jan/May 15.60 under to 19.50 under 1,311 Jan/Jul 18.20 under to 21.60 under 209 Jan/Nov 6.00 over to 3.70 over 1,545 Mar/May 7.30 under to 9.30 under 8,159 Mar/Jul 10.00 under to 11.70 under 346 Mar/Nov 14.40 over to 13.20 over 37 May/Jul 2.10 under to 3.30 under 2,259 Jul/Nov 26.10 over to 23.10 over 1,592
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(END) Dow Jones Newswires
12-06-24 1612ET