WINNIPEG, Manitoba--Intercontinental Exchange canola futures barely hung on to its gains Wednesday, as support from comparable oils evaporated.

Upticks in Chicago soyoil and soymeal, as well as European rapeseed turned into losses. There were increases in Chicago soybeans while Malaysian palm oil was mixed. Advances in crude oil tempered those declines in the vegetable oils.

Tighter canola supplies underpinned the oilseed's values as Statistics Canada and the United States Department of Agriculture lowered their calls on the 2024/25 Canadian canola harvest.

There are expectations the speculative funds could add to their short positions. Also, the January canola contract was above or close to most of its major moving averages.

After the Bank of Canada chopped its key interest rates by 50 basis points Wednesday morning, the Canadian dollar gave up its initial increases and was virtually unchanged at 70.61 U.S. cents.

There were 76,707 contracts traded on Wednesday, compared to 90,781 on Tuesday. Spreading accounted for 56,908 contracts traded.

Prices are in Canadian dollars per metric tonne: 


 
           Price      Change 
Jan       622.10     up 0.40 
Mar       630.70     up 1.10 
May       637.00     up 0.80 
Jul       639.60     up 0.60

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


 
Months    Prices                            Volume 
Jan/Mar   7.20 under to 10.10 under         20,195 
Jan/May   13.80 under to 17.50 under           424 
Jan/Jul   16.90 under to 19.90 under            23 
Jan/Nov   8.50 over to 7.50 over               173 
Mar/May   6.10 under to 7.50 under           3,536 
Mar/Jul   8.30 under to 10.30 under            873 
Mar/Nov   16.40 over to 15.30 over             129 
May/Jul   2.10 under to 2.90 under           2,722 
May/Nov   23.10 over to 23.00 over              20 
Jul/Nov   25.90 over to 24.00 over             349 
Nov/Jan   4.60 under to 5.10 under              10

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


(END) Dow Jones Newswires

12-11-24 1529ET