WINNIPEG, Manitoba--Intercontinental Exchange (ICE) canola futures finished stronger on Wednesday, after a session in which the Canadian oilseed lost much of its gains only to bounce back.

Support for canola came from strong upticks in Chicago soyoil and modest increases in Malaysian palm oil. While European rapeseed was mixed, Chicago soybeans nudged up a bit higher and soymeal slipped back. Global crude oil prices were higher on the day, with a sharp upswing in West Texas Intermediate.

As Prairie temperatures are to remain in the low to mid 20 degrees Celsius, the eastern half of the region is to get rain in the coming days. However, the western half is to remain dry.

The Canadian dollar was weaker at mid-afternoon Wednesday, as the loonie fell back to 75.30 U.S. cents, compared to Tuesday's close of 75.65.

There were 37,424 contracts traded on Wednesday, which compares with Tuesday when 22,328 contracts changed hands. Spreading accounted for 19,726 contracts traded. 


 
Prices are in Canadian dollars per metric ton: 
 
Canola      Price        Change 
 Nov        763.10      up 23.70 
 Jan        767.90      up 23.40 
 Mar        771.50      up 22.90 
 May        774.10      up 21.30 
 
Spread trade prices are Canadian dollars and the volume represents the number of spreads: 
 
Months                Prices                Volume 
Nov/Jan      4.00 under to 5.90 under       6,535 
Nov/Mar      7.30 under to 9.50 under         238 
Nov/May     10.90 under to 11.90 under         91 
Nov/Jul      9.90 under to 15.00 under          6 
Jan/Mar      2.80 under to 4.60 under       1,821 
Jan/May      7.20 under to 8.10 under          14 
Jan/Jul      6.20 under to 6.70 under           2 
Mar/May      1.40 under to 4.90 under       1,020 
May/Jul      1.80 over to 0.70 under           91 
Jul/Nov     57.50 over to 52.00 over           45

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


(END) Dow Jones Newswires

07-05-23 1528ET