WINNIPEG, Manitoba--The ICE Futures canola market was stronger Thursday, bouncing off nearby lows as speculative fund positioning provided support.

Speculators holding a massive net short position in canola were on the buy side of the market, covering some of those bearish bets and booking profits. Gains in Chicago soybeans and soyoil also provided spillover support.

However, canola ran into resistance to the upside and settled well off its highs for the day with the long-term downtrend still intact.

Strength in the Canadian dollar, which was up by roughly half of a cent relative to its U.S. counterpart, also weighed on values.

An estimated 41,164 contracts traded on Thursday, which compares with Wednesday when 28,557 contracts traded. Spreading accounted for 22,538 of the contracts traded.


Settlement prices are in Canadian dollars per metric ton.


Canola

Contracts Prices Change 


   Jan        682.60  up  9.30 
   Mar        691.90  up  9.70 
   May        698.30  up  9.70 
   Jul        705.30  up 10.10

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


 
   Contracts  Price                      Volume 
   Jan/Mar     8.20 under to 9.30 under  5,774 
   Jan/May    13.80 under to 15.50 under 1,069 
   Jan/Jul    20.50 under to 22.70 under    84 
   Jan/Nov    16.30 under to 16.50 under    31 
   Mar/May     5.50 under to 6.80 under  2,161 
   Mar/Jul    10.80 under to 13.20 under   258 
   May/Jul     5.10 under to 7.00 under  1,532 
   Jul/Nov     7.20 over to 6.00 over      358 
   Nov/Jan     2.00 under                    2

Source: MarketsFarm, news@marketsfarm.com


(END) Dow Jones Newswires

11-02-23 1530ET