ICE Review: Canola Clings to Smaller Increases

WINNIPEG, Manitoba--Intercontinental Exchange canola futures were mostly higher on Friday, with gains in the upfront contracts as the more deferred positions edged lower.

Support for canola came another round of sharp increases in Malaysian palm oil along with modest upticks in European rapeseed. The Chicago soy complex failed to hang on to earlier gains, finishing the day on a lower note. Small upswings in crude oil spilled into the vegetable oils.

While the November canola contract remained above major support levels, it was short of its 200-day moving average.

Harvest pressure on canola continued to dissipate as the Prairie harvest approached the finish line. However, rain over the weekend and more during the coming week could slow progress.

By mid-afternoon Friday, the Canadian dollar fell back to 73.66 U.S. cents compared to Thursday's close of 73.86.

There were 87,710 contracts traded on Friday, compared to 69,075 on Thursday. Spreading accounted for 66,114 contracts traded.

Prices are in Canadian dollars per metric tonne:

Canola 
         Price     Change 
Nov      624.90    up 2.90 
Jan      637.00    up 1.00 
Mar      647.80    up 0.20 
May      654.50    dn 0.50 
 

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

Months      Prices                             Volume 
 
Nov/Jan     10.30 under to 13.90 under         18,931 
Nov/Mar     20.50 under to 24.50 under            410 
Nov/May     27.90 under to 31.60 under             46 
Nov/Jul     37.40 under                             2 
Nov/Nov     30.00 under to 31.60 under            224 
Jan/Mar      9.80 under to 11.60 under          6,911 
Jan/Jul     22.50 under                            50 
Mar/May      6.10 under to 8.00 under           3,456 
Mar/Jul     12.90 under to 14.10 under            107 
May/Jul      5.00 under to 6.30 under           1,554 
May/Nov      2.40 under                            23 
Jul/Nov      4.00 over to 0.60 over             1,299 
Nov/Jan      1.80 over to 1.10 over                44 
 

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

(END) Dow Jones Newswires

October 04, 2024 15:31 ET (19:31 GMT)

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