ICE Review : Canola Sharply Lower, Falls Below Support

WINNIPEG, Manitoba--The ICE Futures canola market fell hard Thursday as it dropped past support levels and followed the lead of other vegetable oils to the downside.

Chicago soyoil declined by more than one U.S. cent per pound, while Malaysian palm oil and European rapeseed were also lower. Crude oil was higher despite the U.S. easing sanctions on Venezuelan oil in exchange for free elections to take place in the South American country.

The Canadian dollar was down one-tenth of a U.S. cent compared to Wednesday's close.

High temperatures on the Prairies were projected to range from the teens to the low 20 degrees Celsius on Thursday. Edmonton and Winnipeg were forecast to see some rain, but the rest of the region was expected to be clear and sunny.

There were 76,668 canola contracts were traded Thursday, which compares with Wednesday when 42,431 contracts changed hands. Spreading accounted for 55,064 of the contracts traded.

Settlement prices are in Canadian dollars per metric ton.

Contracts Prices Change

   Nov        692.20  dn 19.50 
   Jan        705.20  dn 13.50 
   Mar        713.30  dn 12.20 
   May        718.30  dn 10.80 
 

Spread trade prices are in Canadian dollars and the volume represents the number of spreads:

 
   Contracts  Prices                     Volume 
   Nov/Jan     6.10 under to 14.00 under 14,817 
   Nov/Mar    14.40 under to 21.70 under    438 
   Nov/May    23.10 under to 27.30 under    130 
   Jan/Mar     6.50 under to 8.90 under   7,191 
   Jan/May    10.80 under to 13.90 under    236 
   Jan/Jul    18.00 under to 19.00 under    134 
   Jan/Nov     3.00 under                    13 
   Mar/May     3.50 under to 5.50 under   2,821 
   Mar/Jul    10.00 under                   300 
   May/Jul     4.00 under to 5.50 under   1,092 
   Jul/Nov    12.80 over to 4.70 over       360 
 

Source: MarketsFarm, [e-mail]

(END) Dow Jones Newswires

10-19-23 1532ET