WINNIPEG, Manitoba--The ICE Futures canola market was mostly weaker at Thursday's close, but off its lows for the session after uncovering some support to the downside.
Sharp strength in the Canadian dollar accounted for some selling pressure in canola. Speculative long liquidation also weighed on prices in early activity.
However, ongoing drought concerns across Western Canada, with forecasts calling for more heat and dryness over the next week, remained supportive.
Gains in Chicago Board of Trade soybeans and soyoil also underpinned canola.
About 13,960 canola contracts traded on Thursday, which compares with Wednesday when 16,948 contracts changed hands.
Spreading accounted for 7,868 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Price Change
Canola
Nov 878.40 dn 4.60 Jan 865.20 dn 4.00 Mar 850.80 dn 4.00 May 831.40 dn 3.30
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Months Prices Volume
Canola
Nov/Jan 14.70 over to 11.80 over 1,269 Nov/Mar 29.50 over to 26.00 over 146 Nov/Jul 69.30 over 1 Nov/Nov 212.50 over to 210.60 over 2 Jan/Mar 15.00 over to 13.30 over 1,378 Jan/May 34.20 over to 33.50 over 14 Jan/Nov 206.00 over to 203.50 over 300 Mar/May 20.80 over to 18.70 over 657 Mar/Jul 44.50 over 1 May/Jul 25.70 over to 24.50 over 162 Jul/Nov 149.70 over to 143.70 over 4
Source: Commodity News Service Canada
Write to Phil Franz-Warkentin at news@marketsfarm.com
(END) Dow Jones Newswires
07-29-21 1530ET