WINNIPEG, Manitoba--The ICE Futures canola market finished higher for the fifth straight session, underpinned by supportive technical signals and spillover from gains in Chicago soybeans.

Canola had moved lower in early trade on Friday, but speculative positioning came forward to provide support and take the May contract above its 40-day moving average by the close.

The U.S. Agriculture Department's monthly supply/demand estimates released earlier Friday only included minor adjustments to the balance sheets. But Chicago soybeans turned higher after the data were released and soyoil took back most of its earlier losses.

Statistics Canada is scheduled to release planted acreage estimates on Monday. Average trade estimates expect planted area intentions to come in below the 22.1 million acres seeded in 2023.

An estimated 38,054 contracts traded on Friday, which compares with Thursday when 44,816 contracts traded.

Spreading accounted for 20,684 of the contracts traded.


Settlement prices are in Canadian dollars per metric ton.

Canola 


   Contracts  Price   Change 
   May        609.60  up 4.20 
   Jul        617.70  up 4.40 
   Nov        623.50  up 4.20 
   Jan        629.50  up 4.60

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


 
   Contracts  Price                      Volume 
   May/Jul     7.50 under to 8.20 under  6,445 
   May/Nov    12.60 under to 14.30 under   817 
   May/Mar    22.30 under to 24.40 under    14 
   Jul/Nov     4.60 under to 6.30 under  2,809 
   Nov/Jan     5.50 under to 6.00 under    229 
   Jan/Mar     2.00 under to 4.40 under     24 
   Mar/May     3.10 over to 3.00 over        4

Source: MarketsFarm, news@marketsfarm.com


(END) Dow Jones Newswires

03-08-24 1553ET