WINNIPEG, Manitoba--Intercontinental Exchange canola futures failed to hang on to small gains on Thursday, something an analyst said has been happening recently.
Pressure from most comparable oils was too much for canola to fend off. The Chicago soy complex and Malaysian palm oil moved lower, but there was some support from increases in European rapeseed. Meanwhile choppy trading in global crude oil prices put pressure on the oilseeds.
Prairie temperatures were chilly for mid-April on Thursday, with the eastern half of the region getting precipitation. The western half is forecast to get moisture next week. However, thoughts of dry conditions across the Prairies still lingered in the background.
The July contract finished close to its 50-day moving average, but well off of its 20-day and 100-day averages. The latter two converged to be less than 40 cents apart.
Old crop canola crush margins nudged up, with them between C$162 to C$168 per ton above the futures. The new crop November positions inched up to C$152 to C$157 per ton.
The Canadian dollar was higher at mid-afternoon Thursday as the loonie rose to 72.62 U.S. cents compared to Wednesday's close of 72.50.
There were 64,637 contracts traded on Thursday, compared to Wednesday when 70,115 contracts changed hands. Spreading accounted for 50,284 contracts traded.
Prices are in Canadian dollars per metric ton: Canola Price Change May 608.70 dn 2.90 Jul 622.30 dn 1.50 Nov 636.60 dn 1.60 Jan 645.20 dn 1.30 Spread trade prices are Canadian dollars and the volume represents the number of spreads: Months Prices Volume May/Jul 12.20 under to 14.20 under 15,713 May/Nov 26.90 under to 28.80 under 2,705 Jul/Nov 13.00 under to 15.50 under 5,606 Jul/Jan 23.20 under to 23.30 under 2 Nov/Jan 7.70 under to 8.80 under 1,098 Jan/Mar 4.00 under to 4.20 under 18
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
04-18-24 1535ET
