WINNIPEG, Manitoba--Intercontinental Exchange (ICE) canola futures saw increases in the old crop months on Wednesday, while new crop positions closed slightly lower.
Support for edible oils from strong upticks in global crude oil prices evaporated by the close of the grain markets, which weakened edible oils.
Ahead of Friday's report from Statistics Canada, trade expectations for canola production are 11.5 million to 13 million tonnes. In September the federal agency pegged production at 12.78 million tonnes.
Railcar unloads at the Port of Vancouver dropped 87 percent during Week 16 of the marketing year, according to Quorum Corp.
The report took in account the stoppage in rail traffic due to the massive deluge of rain in southern British Columbia that severed ground links for a number of days.
At mid-afternoon the Canadian dollar was lower, with the loonie at 78.04 U.S. cents, compared to Tuesday's close of 78.17.
There were 19,346 contracts traded on Wednesday, which compares with Tuesday when 29,731 contracts changed hands.
Spreading accounted for 9,538 contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Price Change Canola
Jan 994.30 up 7.20 Mar 967.30 up 7.30 May 930.20 up 6.00 Jul 884.40 up 4.80
Spread trade prices are Canadian dollars and the volume represents the number of spreads:
Months Prices Volume Jan/Mar 31.20 over to 25.90 over 1,589 Jan/Jul 114.00 over 21 Jan/Nov 239.80 over to 234.40 over 4 Mar/May 38.80 over to 35.00 over 2,141 Mar/Jul 82.60 over to 80.30 over 13 Mar/Nov 205.40 over to 203.60 over 3 May/Jul 47.30 over to 42.80 over 698 Jul/Nov 130.00 over to 120.00 over 272 Jul/Jan 130.00 over 12 Nov/Jan 1.00 over 16
Source: Commodity News Service Canada
Write to Glen Hallick at news@marketsfarm.com
(END) Dow Jones Newswires
12-01-21 1533ET
