WINNIPEG, Manitoba -- The ICE Futures canola market had small losses on Wednesday, despite finding support from comparable oils.
Crude oil extended its recent rally, driven by upcoming supply cuts from OPEC+. Chicago soyoil, European rapeseed and Malaysian palm oil were also higher.
The Canadian dollar was up one-quarter of a U.S. cent compared to Tuesday's close, pressuring canola.
The Foothills in Alberta could get up to 40 centimeters of snow through Friday, with Calgary expected to see 10 to 15 cm. Meanwhile, the eastern half of the Prairies is expected to remain dry with high temperatures above 10 degrees Celsius.
There were 41,715 canola contracts traded on Wednesday, which compares with Tuesday when 44,958 contracts changed hands. Spreading accounted for 27,252 of the contracts traded. Settlement prices are in Canadian dollars per metric ton.
Canola Price Change May 634.20 dn 1.10 Jul 642.90 dn 1.20 Nov 651.40 dn 0.70 Jan 658.50 dn 0.40
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Months Spread Volume May/Jul 8.40 under to 9.50 under 10,525 May/Nov 16.50 under to 17.40 under 161 May/Jan 24.00 under to 24.60 under 76 Jul/Nov 7.80 under to 8.50 under 2,545 Nov/Jan 6.50 under to 7.20 under 308 Jan/Mar 2.00 under to 2.70 under 11
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
04-03-24 1521ET