ICE Review: Canola Slightly Lower After Choppy Trade

WINNIPEG, Manitoba--The ICE Futures canola market moved back and forth before ending lower despite mostly positive sentiment in comparable oils.

One trader said Thursday canola could be pivoting into a move sideways and stay rangebound between 560 Canadian dollars to C$590 per metric ton in the November contract. He also noted a lack of direction in soybeans.

Chicago soyoil was up, as well as Malaysian palm oil.

However, European rapeseed was mixed.

Crude oil was up more than $1 per barrel because of optimism in the U.S. economy stemming from Wednesday's interest-rate cut by the Federal Reserve and better-than-expected employment data released Thursday.

The Canadian dollar was up more than two-tenths of a U.S. cent compared to Wednesday's close.

There were 46,087 canola contracts traded on Thursday, which compares with Wednesday when 42,048 contracts changed hands. Spreading accounted for 27,416 of the contracts traded.

Settlement prices are in Canadian dollars per metric ton.

 
   Contracts  Price   Change 
   Nov        582.60  dn 0.50 
   Jan        594.40  dn 1.30 
   Mar        605.60  dn 1.80 
   May        614.00  dn 2.20 
 

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

 
   Contracts  Price                      Volume 
   Nov/Jan    11.70 under to 12.90 under 7,629 
   Nov/Mar    22.70 under to 24.30 under   137 
   Nov/May    31.40 under to 33.10 under    71 
   Jan/Mar    10.90 under to 11.70 under 3,481 
   Jan/May    19.50 under to 20.10 under    50 
   Jan/Jul    27.50 under                    1 
   Jan/Nov    27.70 under                    1 
   Mar/May     8.10 under to 8.90 under  1,373 
   May/Jul     6.90 under to 7.50 under    492 
   Jul/Nov     4.50 over to 0.10 over      456 
   Nov/Jan     2.70 under to 4.10 under     17 
 

Source: MarketsFarm, news@marketsfarm.com

(END) Dow Jones Newswires

September 19, 2024 16:08 ET (20:08 GMT)

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