ICE Review : Canola Lower, Pressure From Chicago Soy

WINNIPEG, Manitoba--Intercontinental Exchange canola futures turned slightly lower, giving up gains from earlier in the session.

Pressure on canola Friday came from declines in the Chicago soy complex after it struggled to maintain increases.

Support was derived from upticks in Malaysian palm oil and European rapeseed. Crude oil also did an about-face with declines weighing on the vegetable oils.

The canola market was underpinned by skepticism about rain in the weekend Prairie forecast, as well as tight old-crop supplies.

The Canadian Grain Commission reported cumulative canola exports reached 8.81 million metric tons, further exceeding Agriculture and Agri-Food Canada's May estimate of 8.50 million tons. AAFC is expected to publish its June supply and demand report Friday.

An analyst said this spring's gains in canola prices could see farmers planting more canola acres than the 21.6 million projected by Statistics Canada in March. StatCan is scheduled to issue its latest round of planted area estimates on June 27. The analyst suggested total canola acres could top 22 million.

The Canadian dollar was virtually unchanged at 72.88 U.S. cents compared to Thursday's close of 72.87.

There were 54,862 contracts traded on Friday, compared to 28,184 on Thursday. Spreading accounted for 33,390 contracts traded.

Prices are in Canadian dollars per metric ton:

Contracts Price Change

 
   Jul       743.60 dn 1.70 
   Nov       742.70 dn 1.30 
   Jan       750.30 dn 2.00 
   Mar       754.50 dn 3.40 
 

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

 
   Contracts Prices                   Volume 
 
   Jul/Nov    3.90 over to 0.20 over   5,991 
   Jul/Jan    4.70 under to 7.30 under   257 
   Nov/Jan    7.30 under to 8.30 under 7,561 
   Nov/Mar   11.60 under to 12.40 under   59 
   Nov/Jul   17.20 under to 20.20 under   24 
   Jan/Mar    3.70 under to 5.40 under 2,064 
   Jan/May    7.20 under to 9.40 under     7 
   Jan/Jul    9.10 under to 9.70 under    11 
   Mar/May    3.00 under to 4.30 under   438 
   May/Jul    1.70 under to 2.60 under   264 
   Jul/Nov   45.50 over to 42.70 over     19 
 

Source: MarketsFarm, [e-mail]

(END) Dow Jones Newswires

06-20-25 1544ET