WINNIPEG, Manitoba -- The ICE Futures canola market was slightly stronger at Friday`s close, but settled well off its session highs.
A move higher in Chicago Board of Trade soybeans in the aftermath of the latest supply/demand estimates from the U.S. Department of Agriculture provided some underlying support for canola. However, soyoil was lower on the day and the Canadian dollar held steady.
The November canola contract had climbed as high as C$870 per metric ton during the session, but settled only one dollar higher on the day at C$853.70.
While seasonal harvest pressure was starting to be felt in the market, declining crop prospects due to the drought earlier in the growing season remained supportive overall.
Notions that Thursday's selloff was overdone also helped underpin canola ahead of the weekend.
About 31,699 canola contracts traded on Friday, which compares with Thursday when 40,931 contracts changed hands. Spreading was a feature, accounting for 21,430 of the contracts traded.
Settlement prices are in Canadian dollars per metric ton.
Price Change Canola Nov 853.70 up 1.00 Jan 843.80 up 1.10 Mar 832.20 up 3.60 May 817.80 up 6.30
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Months Prices Volume Canola Nov/Jan 11.60 over to 9.00 over 5,402 Nov/Mar 27.30 over to 21.30 over 396 Nov/May 43.90 over to 35.00 over 4 Nov/Jul 73.60 over to 65.50 over 5 Nov/Nov 198.00 over to 190.10 over 104 Jan/Mar 16.80 over to 10.70 over 2,342 Jan/May 26.30 over to 25.10 over 15 Jan/Jul 61.00 over to 46.50 over 132 Mar/May 21.10 over to 13.90 over 1,420 Mar/Jul 40.00 over to 38.00 over 60 May/Jul 26.00 over to 19.60 over 734 Jul/Nov 130.00 over to 121.20 over 51 Nov/Jan 10.00 over to 9.90 over 50
Source: Commodity News Service Canada (news@marketsfarm.com)
(END) Dow Jones Newswires
09-10-21 1600ET