WINNIPEG, Manitoba--The ICE Futures canola market retreated on Friday, pressured by weakness in comparable oils.
Chicago soyoil, European rapeseed and Malaysian palm oil were all lower. Crude oil prices also had modest declines.
The Canadian Grain Commission reported only 101,100 tons of canola exports during the week ended March 17, less than half from the previous week. Cumulative exports for the 2023-24 marketing year total 3.786 million tons, down 33.5% from last year.
At mid-afternoon, the Canadian dollar was down more than four-tenths of a U.S. cent compared to Thursday's close, limiting canola's losses.
There were 37,833 canola contracts traded on Friday, which compares with Thursday when 61,601 contracts changed hands. Spreading accounted for 18,986 of the contracts traded.
Settlement prices are in Canadian dollars per metric ton. Canola Price Change May 634.50 dn 8.40 Jul 644.10 dn 8.30 Nov 652.20 dn 8.30 Jan 659.90 dn 8.40 Spread trade prices are in Canadian dollars and the volume represents the number of spreads: May/Jul 9.10 under to 10.30 under 6,382 May/Nov 17.10 under to 18.30 under 145 May/Mar 28.70 under to 29.80 under 22 Jul/Nov 7.30 under to 8.40 under 2,636 Nov/Jan 7.40 under to 7.90 under 216 Nov/Mar 11.10 under to 12.20 under 14 Jan/Mar 2.60 under to 4.40 under 60 Mar/May 2.30 over to 1.90 over 18
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
03-22-24 1531ET