WINNIPEG, Manitoba--The ICE Futures canola market was weaker on Wednesday, seeing a correction after moving higher in the previous four sessions.

Losses in Chicago soyoil and European rapeseed also weighed on values, although canola remains underpriced on the global export market. Malaysian palm oil continued to trade near contract highs, providing underlying support.

Statistics Canada releases updated production estimates on Thursday, Dec. 5, with most market participants expecting a sizeable cut to canola production from the 18.98 million tonnes forecast in September. Canada grew 19.19 million tonnes of canola in 2023/24.

There were an estimated 48,584 contracts traded on Wednesday, which compares with Tuesday when 43,132 contracts traded. Spreading accounted for 35,560 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne. 


 
           Price      Change 
Jan       578.20     dn 8.70 
Mar       589.50     dn 9.40 
May       600.40     dn 9.10 
Jul       604.70     dn 8.40

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


 
Months    Prices                            Volume 
Jan/Mar   11.20 under to 12.30 under        10,858 
Jan/May   21.20 under to 23.00 under           627 
Jan/Nov   4.00 under to 7.20 under              48 
Mar/May   9.70 under to 11.20 under          4,480 
Mar/Jul   14.20 under to 14.70 under             7 
Mar/Nov   7.50 over to 5.70 over                46 
May/Jul   3.10 under to 4.50 under           1,438 
Jul/Nov   21.00 over to 20.00 over             276

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


(END) Dow Jones Newswires

12-04-24 1602ET