ICE Review: Canola Higher, Nears Chart Resistance

WINNIPEG, Manitoba--The ICE Futures canola market was stronger, nearing major chart resistance as gains in outside vegetable oil markets provided support.

An overnight rally in Malaysian palm oil to contract highs lent support to the world vegetable oil markets.

The escalating conflict in the Middle East also brought more buying interest into the agricultural commodities.

Chicago soyoil futures were higher Wednesday, although soybeans were lower.

The November canola contract settled just below the psychological 620 Canadian dollar per-metric-ton level, with farmer selling reportedly coming forward near the highs.

An estimated 57,212 contracts traded on Wednesday, which compares with Tuesday when 68,186 contracts traded. Spreading accounted for 39,252 of the contracts traded.

Settlement prices are in Canadian dollars per metric ton.

Contracts Prices Change

   Nov        617.90  up 7.10 
   Jan        631.50  up 7.50 
   Mar        642.90  up 7.90 
   May        649.70  up 6.90 
 

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

 
   Contracts  Prices                     Volume 
   Nov/Jan    12.50 under to 13.90 under 9,714 
   Nov/Mar    22.40 under to 25.40 under 1,057 
   Nov/May    28.70 under to 32.20 under    21 
   Nov/Jul    35.40 under                    1 
   Nov/Nov    31.60 under to 33.90 under    15 
   Jan/Mar     9.50 under to 11.90 under 4,829 
   Mar/May     6.20 under to 7.80 under  2,057 
   Mar/Jul    12.10 under                   28 
   May/Jul     4.80 under to 6.40 under  1,160 
   May/Nov     3.40 under                    1 
   Jul/Nov     4.00 over to 1.30 over      735 
   Nov/Jan     0.80 over                     8 
 

Source: MarketsFarm, news@marketsfarm.com

(END) Dow Jones Newswires

October 02, 2024 16:06 ET (20:06 GMT)

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