WINNIPEG, Manitoba--Intercontinental Exchange (ICE) canola futures finished lower on Wednesday as gains in the Chicago soy complex faded.
While the soybeans ended the day mixed, soymeal was lower, and soyoil pulled back from its earlier highs but remained positive. Support came from upticks in European rapeseed and Malaysian palm oil. Increases in global crude oil prices spilled over into the vegetable oils.
Agriculture and Agri-Food Canada (AAFC) trimmed its call on 2023/24 canola production by 100,000 tons at 18.4 million. AAFC slashed its forecast on ending stocks by 43% at 600,000 tons.
Manitoba reported seeding progress reached 62%, advancing 37 points on the week as farmers try to catch up after a late start. Canola seeding was at 40% finished.
The political turmoil over the U.S. government's debt ceiling weighed on the North American commodities, including the ICE canola futures.
The Canadian dollar was weaker at mid-afternoon Wednesday, with the loonie at 73.61 U.S. cents, compared to Tuesday's close of 74.05.
There were 41,040 contracts traded on Wednesday, which compares with Tuesday when 43,584 contracts changed hands. Spreading accounted for 30,222 contracts traded.
Prices are in Canadian dollars per metric ton: Canola Price Change Jul 698.10 dn 3.50 Nov 660.60 dn 4.40 Jan 664.00 dn 4.90 Mar 668.80 dn 4.80 Spread trade prices are Canadian dollars and the volume represents the number of spreads: Months Prices Volume Jul/Nov 39.80 over to 33.00 over 9,697 Jul/Jan 36.60 over to 34.20 over 22 Nov/Jan 2.50 under to 4.00 under 2,594 Nov/Mar 7.60 under to 8.50 under 3 Jan/Mar 4.30 under to 5.00 under 1,137 Jan/May 8.30 under 5 Mar/May 3.90 under to 5.00 under 957 Mar/Jul 8.90 under 10 May/Jul 3.30 under to 4.40 under 672 Jul/Nov 36.00 over to 27.50 over 14
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
05-24-23 1539ET
