WINNIPEG, Manitoba--The ICE Futures canola market was stronger on Friday in a continuation of Thursday's bounce. Speculative short covering, solid end-user demand and a lack of significant farmer selling provided support.

Gains in Chicago soybeans and European rapeseed accounted for some spillover buying interest in canola, although soyoil and Malaysian palm oil were both lower.

Weekly Canadian canola exports were the largest since December 2022 at 275,900 metric tons, according to the latest Canadian Grain Commission data. That brought the crop year-to-date total exports to 1.6 million tons. Weekly domestic usage, at 229,900 tons, were the largest in three months, bringing the 2023-24 total to 2.65 million tons.

Strength in the Canadian dollar put some pressure on the canola market.

An estimated 31,495 contracts traded on Friday, which compares with Thursday when 41,164 contracts traded.

Spreading accounted for 15,948 of the contracts traded.


Settlement prices are in Canadian dollars per metric ton.


Canola

Contracts Prices Change 


   Jan        692.30  up 9.70 
   Mar        701.20  up 9.30 
   May        706.70  up 8.40 
   Jul        712.30  up 7.00

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


 
   Contracts  Prices                    Volume 
   Jan/Mar     8.60 under to 9.30 under 3,778 
   Jan/May    14.50 under to 15.00 under   88 
   Jan/Jul    20.70 under to 21.30 under   12 
   Mar/May     5.30 under to 6.30 under 2,379 
   Mar/Jul    11.40 under to 12.40 under  373 
   May/Jul     5.40 under to 6.70 under   771 
   Jul/Nov     9.90 over to 6.80 over     571 
   Nov/Jan     2.00 under                   2

Source: MarketsFarm, news@marketsfarm.com


(END) Dow Jones Newswires

11-03-23 1556ET