ICE Grain/Oilseed Review : Canola Rises, Closes Short of C$850

WINNIPEG--The ICE Futures canola market recovered to be higher on Wednesday after morning losses, but remained rangebound.

While Chicago soyoil ended lower, European rapeseed and Malaysian palm oil were both higher. Crude oil rallied by $2 per barrel due to U.S. stockpiles having their largest decline since 2019.

At midafternoon, the Canadian dollar was more than six-tenths of a U.S. cent higher Wednesday than Tuesday.

About 35,920 canola contracts traded Wednesday, which compares with Tuesday when 38,840 contracts changed hands. Spreading accounted for 28,216 of the contracts traded.

Settlement prices are in Canadian dollars per metric ton.

Canola

Price Change

Jan 845.50 up 9.40

Mar 843.80 up 9.10

May 847.10 up 8.90

Jul 850.70 up 7.70

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

 
   Months  Prices                    Volume 
   Jan/Mar  3.50 over to 1.00 over   7,209 
   Jan/May  2.10 under                 207 
   Jan/Jul  4.50 under to 6.00 under   431 

Mar/May 1.00 under to 3.80 under 3,495

   Mar/Jul  5.00 under to 7.10 under   102 

May/Jul 3.20 under to 4.90 under 2,344

   Jul/Nov 19.00 over to 15.70 over    312 
   Nov/Jan  3.40 over                    8 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

11-30-22 1545ET