ICE Grain/Oilseed Review : Higher, Recover Thursday's Losses

WINNIPEG--After a severe drop in prices on Thursday, the ICE Futures canola market recovered all of its losses on Friday.

Statistics Canada released its principal field crop production estimatess, projecting 18.17 million metric tons of canola for the 2022-23 marketing year, one million fewer than what the trade expected.

However, both European rapeseed and Malaysian palm oil were lower while Chicago soyoil continued Thursday's declines. Crude oil was lower as OPEC+ meets to discuss production output.

At mid-afternoon, the Canadian dollar lost one-quarter of a U.S. cent compared to Thursday's close.

About 39,870 canola contracts were traded, which compares with Thursday when 30,700 contracts changed hands. Spreading accounted for 25,650 of the contracts traded.

Months Price Change

 
   Jan    849.30 up 34.50 
   Mar    841.70 up 28.90 
   May    844.80 up 28.20 
   Jul    848.30 up 27.90 
 

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

 
   Months  Prices                    Volume 
 
   Jan/Mar  8.60 over to 1.30 over   6,426 
   Jan/May  2.50 over                    3 
   Jan/Jul  0.20 under to 0.40 under    27 
   Jan/Nov 15.00 over to 13.00 over      6 

Mar/May 2.10 under to 4.40 under 3,092

   Mar/Jul  6.00 under to 8.20 under   642 
   Mar/Nov 12.30 over to 5.20 over      27 

May/Jul 2.40 under to 4.10 under 2,007

   May/Nov 13.40 over to 13.30 over      4 
   Jul/Nov 20.00 over to 13.00 over    591 
 

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

(END) Dow Jones Newswires

12-02-22 1541ET