WINNIPEG, Manitoba--The ICE Futures canola market was stronger Friday, seeing a continuation of Thursday's corrective bounce off contract lows to end the week as traders squared positions amid ideas recent losses were overdone.
Gains in outside markets provided spillover support, with Chicago soyoil, European rapeseed and Malaysian palm oil futures all higher.
However, relatively favorable Prairie crop weather kept a lid on the upside with timely rains in the forecast for some dry areas of Western Canada.
About 28,455 canola contracts traded Friday, which down from Thursday when 41,417 contracts changed hands. Spreading accounted for 18,196 of the contracts traded.
Settlement prices are in Canadian dollars per metric ton.
Price Change
Canola Jul 658.00 up 6.50
Nov 637.60 up 3.90
Jan 643.30 up 4.10
Mar 649.10 up 3.90
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Month Spread Volume
Jul/Nov 23.90 over to 17.90 over 7,356
Nov/Jan 4.70 under to 6.00 under 1,439
Nov/Mar 11.10 under to 11.70 under 83
Jan/Mar 5.70 under to 6.00 under 175
Jan/May 11.00 under 1
Mar/May 5.00 under to 5.20 under 18
May/Jul 4.00 under 14
Jul/Nov 42.00 over 12
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
06-02-23 1534ET
