WINNIPEG, Manitoba--Intercontinental Exchange canola futures closed higher after taking a sharp hit earlier this week.
Support for the Canadian oilseed on Wednesday came from increases in Chicago soyoil, European rapeseed and Malaysian palm oil. Declines in Chicago soybeans and soymeal tried to temper further upswings.
Gains in global crude-oil prices spilled over into the vegetable oils.
Statistics Canada reported the September canola crush was more than 922,000 metric tons compared to nearly 724,000 a year ago. It also said September canola deliveries amounted to 2.09 million tons, up from last September's 1.91 million.
Over the next couple of days 10 to 20 centimeters of snow is forecast to fall over the southeastern Prairies, while the western Prairies had a dump of snow Tuesday. Daytime highs across the region this week are to be minus five to minus 10 Celsius.
The Bank of Canada interest rate freeze Wednesday didn't have a direct effect on canola, according to an analyst. Rather, it pulled down the Canadian dollar. At mid-afternoon, it dropped to 72.48 U.S. cents from Tuesday's close of 72.83.
There were 46,152 contracts traded on Wednesday, which compares with Tuesday when 43,065 contracts changed hands. Spreading accounted for 31,208 contracts traded.
Prices are in Canadian dollars per metric ton:
Contracts Price Change
Nov 678.10 up 0.60 Jan 692.90 up 4.10 Mar 703.40 up 4.70 May 708.70 up 4.50 Spread trade prices are Canadian dollars and the volume represents the number of spreads: Contracts Prices Volume Nov/Jan 11.30 under to 16.20 under 3,969 Nov/Mar 21.00 under to 25.10 under 450 Jan/Mar 8.10 under to 9.50 under 7,390 Jan/May 13.00 under to 14.10 under 361 Jan/Jul 18.60 under to 19.10 under 9 Mar/May 4.60 under to 5.90 under 2,845 May/Jul 4.50 under to 5.50 under 428 Jul/Nov 13.20 over to 7.20 over 144 Nov/Jan 1.10 under to 2.50 under 7 Jan/Mar 8.00 over 1
Source: MarketsFarm, news@marketsfarm.com
(END) Dow Jones Newswires
10-25-23 1542ET
