WINNIPEG--The ICE Futures canola market was weaker for the second session in a row on Wednesday, and thin volumes exaggerated the move as investors liquidated long positions.
While hot and dry Prairie weather conditions remain a supportive influence, those drought concerns have been largely priced into the market already. Traders are thought to be waiting to get a better handle on the size of this year's crop.
Chicago Board of Trade soyoil futures were up, which provided some underlying support for canola.
However, Malaysian palm oil was weaker overnight.
About 16,948 canola contracts traded Wednesday, which compares with Tuesday when 14,296 contracts changed hands. Spreading accounted for 8,764 of the contracts traded.
Settlement prices are in Canadian dollars per metric ton.
Price Change Canola Nov 883.00 dn 11.70 Jan 869.20 dn 10.30 Mar 854.80 dn 7.30 May 834.70 dn 7.30
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Months Prices Volume Canola Nov/Jan 17.70 over to 12.50 over 1,795 Nov/Mar 35.70 over to 28.00 over 112 Nov/Nov 224.80 over to 221.90 over 9 Jan/Mar 18.40 over to 13.90 over 1,493 Jan/May 38.50 over to 33.20 over 2 Jan/Nov 204.30 over 62 Mar/May 20.90 over to 19.20 over 525 May/Jul 25.70 over to 23.50 over 339 Jul/Nov 146.70 over to 143.50 over 45
Source: news@marketsfarm.com
(END) Dow Jones Newswires
07-28-21 1532ET