WINNIPEG, Manitoba--Intercontinental Exchange canola futures closed lower on Friday, pulled down by significant losses in the Chicago soy complex and European rapeseed.
However, upticks in Malaysian palm oil tried to temper further declines. Modest increases in crude oil spilled over into the vegetable oils.
An analyst suggested the funds were likely attempting to buy out their positions. He added that canola was trying to remain range bound.
The March canola contract finished above its 20-day and 100-day moving averages, as it approached its 50-day average.
The Canadian Grain Commission reported for the week ended Dec. 29 that producer deliveries of canola slipped from the previous week to 187,900 tonnes. Canola exports were lower at 138,400 tonnes, while domestic use nudged up to 203,100 tonnes.
The Canadian dollar stepped back Friday afternoon, with the loonie at 69.21 U.S. cents compared to Thursday's close of 69.36.
There were 32,412 contracts traded on Friday, compared to 27,146 on Thursday. Spreading accounted for 16,110 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change Mar 624.00 dn 1.00 May 628.70 dn 3.80 Jul 631.10 dn 3.70 Nov 607.80 dn 3.60
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Months Prices Volume Jan/Mar 10.00 over 25 Mar/May 4.50 under to 7.90 under 5,175 Mar/Jul 7.10 under to 11.50 under 237 Mar/Nov 15.00 over to 11.40 over 109 May/Jul 2.10 under to 3.70 under 1,897 May/Nov 21.20 over to 19.00 over 44 Jul/Nov 23.60 over to 22.50 over 568
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
01-03-25 1520ET