WINNIPEG, Manitoba-- The ICE Futures canola market was weaker on Wednesday, retreating from its one-month highs to settle just below the 50-day moving average in the January contract.
Chart-based positioning was a feature, with the failure to hold above that key technical level seen as bearish from a chart standpoint.
Losses in Chicago soybeans and soyoil accounted for spillover weakness in the Canadian oilseed.
Markets in the United States will be closed Thursday for Thanksgiving and will trade reduced hours on Friday, while the canola market will trade as normal.
Positioning ahead of the U.S. holiday was a feature. There were an estimated 37,167 contracts traded on Wednesday, which compares with Tuesday when 43,397 contracts traded.
Spreading accounted for 25,746 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Canola Price Change Jan 709.70 dn 11.50 Mar 714.30 dn 11.00 May 717.80 dn 12.10 Jul 720.40 dn 13.00
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Months Prices Volume Jan/Mar 3.80 under to 5.40 under 7,939 Jan/May 7.90 under to 9.60 under 479 Jan/Jul 10.80 under to 12.90 under 433 Jan/Nov 2.50 over to 4.40 under 138 Mar/May 3.40 under to 4.90 under 2,098 Mar/Jul 6.50 under to 7.60 under 55 Mar/Nov 4.60 over to 2.10 over 75 May/Jul 2.50 under to 4.40 under 1,113 Jul/Nov 13.00 over to 9.60 over 543
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
11-22-23 1545ET