WINNIPEG, Manitoba--Intercontinental Exchange (ICE) canola futures closed higher on Thursday, but gains faded during the final hour of trading. The nearby November failed to hang on to enough support to remain above the psychological level of C$800 per ton.
Support for the Canadian oilseed came from strong upticks in Chicago soyoil. A trader said there's little in canola itself to push its prices higher and it was lagging behind soyoil.
Additional support came from increases in Chicago soybeans, European rapeseed and Malaysian palm oil. Pressure came from losses in Chicago soymeal. Although global crude oil prices were higher, they also faded, but still spilled over into the vegetable oils.
Saskatchewan reported its provincewide harvest was at 9% complete, with the winter cereals and pulses leading the way. The canola registered at 1% finished.
The International Grain Council reduced its projection on Canadian soybean production from 6.5 million tons in July to 6.1 million this month. The carryover was dropped from June's 700,000 tons to now 300,000.
The Canadian dollar was lower at mid-afternoon Thursday, as the loonie retreated to 73.82 U.S. cents, compared to Wednesday's close of 73.98.
There were 25,575 contracts traded on Thursday, which compares with Wednesday when 24,611 contracts changed hands. Spreading accounted for 12,624 contracts traded.
Prices are in Canadian dollars per metric ton: Canola Price Change Nov 795.20 up 4.50 Jan 801.10 up 4.50 Mar 802.90 up 3.50 May 801.70 up 3.00 Spread trade prices are Canadian dollars and the volume represents the number of spreads: Months Prices Volume Nov/Jan 4.90 under to 6.00 under 4,492 Nov/Mar 6.30 under to 7.80 under 16 Jan/Mar 0.40 under to 2.40 under 945 Jan/May 1.00 over to 0.30 under 56 Jan/Nov 45.90 over 2 Mar/May 2.70 over to 0.80 over 377 May/Jul 6.10 over to 4.60 over 222 May/Nov 40.00 over to 33.20 over 12 Jul/Nov 39.00 over to 35.10 over 190
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
08-17-23 1535ET
