WINNIPEG--Intercontinental Exchange canola futures pushed higher Thursday, with double-digit gains in heavy trading.
Support was derived from increases in Chicago soybeans and particularly soyoil. Additional spillover came from gains in European rapeseed and Malaysian palm oil. However, there were some losses in Chicago soymeal. Global crude oil prices were slightly lower, taking a little bit of the shine off of vegetable oils.
Despite the U.S. dollar pulling back, the Canadian dollar was lower at mid-afternoon. The loonie slipped to 72.92 U.S. cents, compared with Wednesday's close of 73.21.
Saskatchewan reported that its provincewide harvest of all crops is 81% complete, with canola at around two-thirds finished.
Prairie temperatures are forecast to remain above normal for the next few days, with the region largely free of rain.
There were 49,576 contracts traded on Thursday, which compares with Wednesday, when 39,811 contracts changed hands. Spreading accounted for 37,308 contracts traded.
The canola market is closed Friday for the National Day of Truth and Reconciliation. The markets in the U.S. will be open.
Settlement prices are in Canadian dollars per metric ton.
Price Change
Canola Nov 852.00 up 13.50
Jan 860.20 up 13.30
Mar 867.20 up 13.50
May 869.30 up 14.10
Spread trade prices are Canadian dollars and the volume represents the number of spreads:
Months Prices Volume
Nov/Jan 6.50 under to 9.00 under 8,767
Nov/Mar 13.70 under to 15.10 under 40
Jan/Mar 6.20 under to 7.30 under 5,486
Mar/May 0.70 under to 2.40 under 3,276
Mar/Jul 1.50 under to 3.10 under 203
May/Jul 0.30 under to 1.50 under 602
Jul/Nov 35.90 over to 31.00 over 262
Nov/Jan 2.00 under to 3.80 under 18
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
09-29-22 1534ET
