WINNIPEG, Manitoba--As the trading of canola futures on the Intercontinental Exchange resumed following Christmas and Boxing Day, they failed to hang to their late session increases on Friday with most contracts closing to the downside.
Pressure on the Canadian oilseed came from losses in Chicago soybeans and soymeal, along with those in European rapeseed.
Gains in Chicago soyoil and Malaysian palm oil helped to limit further decreases. As well, upticks in crude oil underpinned the vegetable oils.
Statistics Canada reported the November canola crush came to 1.02 million tonnes, up more than 12 per cent from a year ago.
StatCan also reported November canola deliveries were 1.45 million tonnes versus 1.64 million the previous November.
Despite the declines in the March canola contract, it held above its 20-day moving average.
There were 32,188 contracts traded on Friday, compared to 30,936 on Tuesday. Spreading accounted for 14,260 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change Jan 621.90 up 1.90 Mar 617.20 dn 2.60 May 623.50 dn 1.90 Jul 625.80 dn 2.30
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Months Prices Volume Jan/Mar 7.00 over to 1.00 under 4,499 Mar/May 4.00 under to 6.60 under 2,631
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
12-27-24 1525ET