WINNIPEG, Manitoba–Intercontinental Exchange canola futures finished higher on Wednesday, despite losses in comparable oils.
A trader speculated that the spreaders were responsible for today’s upswing in canola, by selling their soyoil and acquiring the Canadian oilseed.
The trader said the market is very likely to turn choppy as it waits for the canola to finish their development.
Rain across much of the Prairies continued to benefit canola and other crops, although some areas of the region missed the precipitations while other parts received too much.
There were sharp losses in Chicago soyoil and modest declines in European rapeseed and Malaysian palm oil. Chicago soybeans were mixed while soymeal advanced.
Global crude oil prices slipped back a little, putting some pressure on the vegetable oils.
The Canadian dollar was down slightly at mid-afternoon Wednesday, as the loonie slipped to 75.74 U.S. cents, compared to Tuesday’s close of 75.85.
There were 27,912 contracts traded on Wednesday, which compares with Tuesday when 32,517 contracts changed hands.
Spreading accounted for 12,780 contracts traded.
Prices are in Canadian dollars per metric tonne:
Canola
Price Change
Nov 830.80 up 6.80
Jan 833.10 up 6.60
Mar 830.30 up 6.30
May 821.40 up 4.00
Spread trade prices are Canadian dollars and the volume represents the number of spreads:
Months Prices Volume Nov/Jan 1.80 under to 3.50 under 4,734 Nov/Mar 1.10 over to 1.50 under 325 Nov/May 5.60 over to 5.40 over 10 Nov/Jul 12.60 over 2 Nov/Nov 71.00 over to 70.20 over 58 Jan/Mar 3.20 over to 1.10 over 796 Jan/May 8.40 over to 7.20 over 18 Jan/Jul 15.00 over 2 Jan/Nov 70.00 over to 69.00 over 10 Mar/May 9.40 over to 5.50 over 393 Mar/Jul 14.00 over to 13.60 over 3 May/Jul 10.10 over to 7.70 over 31 May/Nov 64.50 over 3 Jul/Nov 55.80 over to 51.70 over 5
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
07-26-23 1533ET
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