WINNIPEG, Manitoba--Intercontinental Exchange (ICE) canola futures dropped back in the old crop months on Wednesday, while new crop November had a modest increase.
A sharp drop in European rapeseed combined with profit-taking weighed on canola values. Meanwhile gains in Malaysian palm oil and a positive turnaround in the Chicago soy complex provided support. Increases in global crude oil prices lent support to edible oils.
An analyst commented the short, medium and long term trends in canola remained pointing upward.
At mid-afternoon, the Canadian dollar was stronger and putting pressure on canola. The loonie jumped to 79.98 U.S. cents, compared to Tuesday's close of 79.33.
There were 23,686 contracts traded on Wednesday, which compares with Tuesday when 15,017 contracts changed hands.
Spreading accounted for 13,504 contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Price Change Canola
Mar 1,014.70 dn 13.40 May 991.80 dn 7.80 Jul 951.00 dn 0.30 Nov 800.00 up 7.30
Spread trade prices are Canadian dollars and the volume represents the number of spreads:
Months Prices Volume Mar/May 29.00 over to 21.30 over 2,935 Mar/Jul 77.20 over to 61.90 over 69 Mar/Nov 235.50 over to 219.00 over 69 May/Jul 49.90 over to 40.30 over 2,473 May/Nov 209.00 over to 190.80 over 248 Jul/Nov 159.90 over to 147.90 over 958
Source: Commodity News Service Canada
Write to Glen Hallick at news@marketsfarm.com
(END) Dow Jones Newswires
01-12-22 1535ET
