WINNIPEG, Manitoba--The ICE Futures canola market was stronger on Friday, seeing a continuation of Thursday's bounce off nearby lows.

The nearby November contract settled above its 20-day moving average for the first time in more than a month, finishing the day at C$720 per ton after testing psychological support around C$700 per ton earlier in the week.

Gains in Chicago soyoil futures and ideas that recent losses in canola were overdone contributed to the advances.

European rapeseed and Malaysian palm oil futures were also higher, although Chicago soybeans were lower.

A slowdown in seasonal harvest pressure was also supportive, with most of the canola off the field across the Prairies.

There were an estimated 67,212 contracts traded on Friday, which compares with Thursday when 55,258 contracts traded.

Spreading accounted for 50,838 of the contracts traded. 


 
Settlement prices are in Canadian dollars per metric ton. 
 
Canola      Price       Change 
 Nov        720.00      up 7.40 
 Jan        725.10      up 7.90 
 Mar        729.40      up 8.50 
 May        733.50      up 9.00 
 
Spread trade prices are in Canadian dollars and the volume represents the number of spreads: 
 
Nov/Jan      3.10 under to 5.90 under       13,153 
Nov/Mar      5.80 under to 10.00 under         898 
Nov/May      8.40 under to 13.80 under         378 
Nov/Jul     13.10 under to 14.00 under           3 
Nov/Nov      3.50 over to 4.30 under            63 
Jan/Mar      2.20 under to 4.60 under        4,322 
Jan/May      5.00 under to 8.60 under          403 
Jan/Jul      9.00 under to 12.10 under         192 
Mar/May      1.60 under to 4.50 under        3,929 
Mar/Jul      6.30 under to 7.50 under          302 
May/Jul      3.10 under to 4.10 under        1,423 
Jul/Nov     17.40 over to 11.20 over           353

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


(END) Dow Jones Newswires

10-13-23 1531ET