WINNIPEG, Manitoba--The ICE Futures canola market was weaker Wednesday, sliding to fresh lows for the recent downtrend as losses in Chicago soyoil weighed on values.

European rapeseed was also lower, although soybeans and Malaysian palm oil both moved higher.

Tuesday's close below 680 Canadian dollars ($490) per metric ton in the January contract was bearish from a chart standpoint, keeping the bias pointed lower as speculators holding large short positions continued to pressure the market.

Scale-down end user demand provided some support on the other side, tempering the losses as domestic crush margins remain historically wide. Ideas that canola was looking oversold were also supportive.

There were no deliveries against the November contract on the first notice day.

There were an estimated 28,557 contracts traded on Wednesday, down from Tuesday when 34,371 contracts traded. Spreading accounted for 16,648 of the contracts traded.

Canola contract settlement prices are in Canadian dollars per metric ton. 


Month   Price   Change 
Nov     654.30  dn 4.30 
Jan     673.30  dn 4.80 
Mar     682.20  dn 4.90 
May     688.60  dn 6.10

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


Month              Spread            Volume 
Jan/Mar   8.60 under to 9.30 under    5,044 
Jan/May  15.70 under to 16.90 under     490 
Jan/Jul  22.90 under to 23.20 under      57 
Mar/May   6.30 under to 7.90 under    1,707 
Mar/Jul  14.20 under to 14.50 under       5 
May/Jul   6.40 under to 7.00 under       90 
May/Nov   1.00 over to 0.20 over          5 
Jul/Nov   8.20 over to 6.00 over         11

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


(END) Dow Jones Newswires

11-01-23 1544ET