WINNIPEG, Manitoba--Intercontinental Exchange canola futures were lower Wednesday in part because of an increase in farmer selling.
Canola was also pressured by declines in European rapeseed, Malaysian palm and Chicago soymeal. Upticks in Chicago soybeans and soyoil helped stem further losses. Decreases in global crude-oil prices weighed on vegetable oil values.
A trader cautioned the large canola crop in Australia is likely to cut into Canadian exports, leading to an increase in ending stocks.
The U.S. Agriculture Department issued its March report on world markets and trade for oilseeds, still showing its call on Canadian canola production at 19 million metric tons.
Meanwhile, the USDA raised global canola/rapeseed output by 1.44% at nearly 86.31 million tons.
The Canadian dollar was weaker at mid-afternoon Wednesday at 72.47 U.S. cents, compared to Tuesday's close of 72.90.
There were 30,251 contracts traded on Wednesday, which compares with Tuesday when 19,651 contracts changed hands. Spreading accounted for 15,578 contracts traded.
Settlement prices are in Canadian dollars per metric ton.
Price Change
Canola
May 808.10 dn 4.80
Jul 804.40 dn 3.90
Nov 779.80 dn 1.90
Jan 784.70 dn 1.80
Spread trade prices are Canadian dollars and the volume represents the number of spreads:
Months Prices Volume Mar/May 22.00 over to 5.00 over 2
May/Jul 5.80 over to 3.50 over 4,823
May/Nov 31.40 over to 27.80 over 125
Jul/Nov 27.00 over to 24.10 over 2,465
Nov/Jan 4.20 under to 5.00 under 371
Jan/Mar 4.00 under 3
Source: MarketsFarm, news@marketsfarm.com
(END) Dow Jones Newswires
03-08-23 1550ET
