WINNIPEG, Manitoba--The ICE Futures canola market drifted lower on Friday due to negative sentiment in vegetable oils, ending its five-day rally.

Chicago soyoil, European rapeseed and Malaysian palm oil were all in the red. However, crude oil was up ahead of an OPEC+ meeting on June 2 to discuss supply cuts.

The Canadian Grain Commission reported 105,800 tons of canola exports during the week ended May 19, raising the marketing year's total to 5.241 million tons, down 25% from one year ago.

At mid-afternoon, the Canadian dollar was up one-quarter of a U.S. cent compared to Thursday's close.

Southern Manitoba will see up to 70 millimetres of rain in some areas, mostly on Friday and tapering off on Saturday.

There were 30,226 canola contracts traded on Friday, which compares with Thursday when 34,351 contracts changed hands. Spreading accounted for 13,872 of the contracts traded. 


 
Settlement prices are in Canadian dollars per metric ton. 
 
Canola     Price        Change 
 Jul       666.70       dn 5.30 
 Nov       687.10       dn 6.40 
 Jan       694.60       dn 5.90 
 Mar       701.60       dn 5.40 
 
Spread trade prices are in Canadian dollars and the volume represents the number of spreads: 
 
Jul/Nov        20.00 under to 21.70 under        5,077 
Jul/Jan        27.30 under to 28.80 under          214 
Nov/Jan         6.60 under to 7.70 under           929 
Nov/Mar        14.20 under to 14.40 under           52 
Nov/May        18.00 under                         210 
Nov/Nov        20.00 over                            4 
Jan/Mar         6.20 under to 7.00 under           250 
Jan/Jul        10.00 under                          25 
Mar/May         3.50 under to 4.20 under           131 
May/Jul         1.00 over to 0.40 over              14 
Jul/Nov        38.90 over to 35.40 over             30

Source: Commodity News Service Canada, news@marketsfarm.com


(END) Dow Jones Newswires

05-24-24 1534ET