WINNIPEG, Manitoba--Intercontinental Exchange canola futures closed higher on Wednesday, taking back about half of yesterday'ssteep losses.
This came despite sharp declines in crude oil prices, which would normally place a great pressure on the oilseeds. Support for canola came from upticks in Chicago soybeans and soyoil, while soymeal was lower. European rapeseed and Malaysian palm oil were closed for May Day.
A trader noted there wasn't a great amount of follow through on Tuesday's sharp pull back, especially by the funds.
The Prairies were forecast to receive precipitation today with some areas expected to get snow.
Manitoba released its first crop report of 2024, with some cereals such as wheat at four percent planted. The recordable progress for the oilseeds has yet to begin.
The Canadian dollar turned around by mid-afternoon Wednesday as the loonie rises to 72.95 U.S. cents compared to Tuesday's close of 72.75.
There were 34,494 contracts traded on Wednesday, compared to Tuesday when 43,539 contracts changed hands.
Spreading accounted for 17,386 contracts traded.
Prices are in Canadian dollars per metric tonne:
Canola
Price Change
Jul 625.70 up 7.70
Nov 642.60 up 7.60
Jan 651.50 up 7.70
Mar 656.80 up 7.60
Spread trade prices are Canadian dollars and the volume represents the number of spreads:
Months Prices Volume May/Jul 14.00 under 153 Jul/Nov 16.60 under to 17.60 under 7,132 Jul/Jan 25.80 under 2 Nov/Jan 8.50 under to 9.00 under 1,134 Jan/Mar 5.00 under to 6.00 under 269 Mar/May 3.30 under to 3.80 under 3
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
05-01-24 1544ET
