WINNIPEG, Manitoba--Intercontinental Exchange canola futures continued higher on speculative fund buying.
The spec funds have been largely behind the rise in canola prices as they hold a record short position, an analyst said Wednesday.
Support for the Canadian oilseed also came from increases in Chicago soyoil and Malaysian palm oil. Losses in European rapeseed along with Chicago soybeans and soyoil tried to cap further gains in canola.
Lower global crude-oil prices put pressure on the vegetable oils.
Canola crush margins climbed to just short of C$263 per metric ton above futures.
The Canadian dollar was higher at 73.10 U.S. cents compared to Tuesday's close of 72.86.
There were 41,764 contracts traded on Wednesday, which compares with Tuesday when 58,832 contracts changed hands. Spreading accounted for 24,552 contracts traded.
Prices are in Canadian dollars per metric ton:
Canola
Contracts Price Change
Jan 719.50 up 5.60 Mar 725.10 up 4.80 May 728.50 up 5.10 Jul 731.40 up 4.80 Spread trade prices are Canadian dollars and the volume represents the number of spreads: Months Prices Volume
Jan/Mar 4.60 under to 6.90 under 8,022
Jan/May 8.10 under to 10.80 under 619 Jan/Jul 11.60 under to 14.60 under 47
Mar/May 2.60 under to 4.70 under 2,847
Mar/Jul 6.30 under to 7.60 under 10 May/Jul 2.50 under to 3.80 under 558 Jul/Nov 15.00 over to 12.90 over 156 Nov/Jan 1.00 under 17
Source: MarketsFarm, news@marketsfarm.com
(END) Dow Jones Newswires
11-15-23 1552ET