WINNIPEG, Manitoba--Intercontinental Exchange canola futures were weaker Thursday, getting pressure from sharp declines in Chicago soyoil and European rapeseed.
Chicago soybeans were modestly lower, but there was support from upticks in Malaysian palm oil. Pull backs in global crude oil prices added to the pressure on the vegetable oils.
After canola broke past its support level of C$800 per tonne, an analyst placed the next level at C$780. However, he cautioned that futures could drop to C$750/tonne. Continuing strength in crush margins underpinned canola values.
The Canadian dollar was lower at mid-afternoon Thursday with the loonie at 72.40 U.S. cents, compared to Wednesday's close of 72.54.
There were 45,487 contracts traded on Thursday, which compares with Wednesday when 30,251 contracts changed hands.
Spreading accounted for 21,906 contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Price Change
Canola
May 792.30 dn 15.80
Jul 788.60 dn 15.80
Nov 763.30 dn 16.50
Jan 768.10 dn 16.60
Spread trade prices are Canadian dollars and the volume represents the number of spreads:
Months Prices Volume May/Jul 5.00 over to 3.60 over 6,391 May/Nov 30.10 over to 27.10 over 30 Jul/Nov 26.40 over to 20.50 over 4,449 Nov/Jan 4.70 under to 5.00 under 82 Jan/Mar 4.00 under 1
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
03-09-23 1532ET
