WINNIPEG, Manitoba — The ICE Futures canola market was stronger on Thursday, recovering from earlier declines in sympathy with outside markets.
U.S. inflation data initially weighed on the grains and oilseeds, but the selling pressure subsided and a move higher in crude oil helped pull the vegetable oil markets up as well – including canola.
Ideas that canola remains cheap compared to other oilseeds, given its wide crush margins, also underpinned the futures.
Harvest operations are in their final stages across the Prairies, with increasing supplies in the commercial pipeline likely keeping a lid on the upside.
About 35,876 canola contracts traded on Thursday, which compares with Wednesday when 46,627 contracts changed hands.
Spreading accounted for 24,018 of the contracts traded.
Settlement prices are in Canadian dollars per metric ton.
Nov 870.40 up 5.60 Jan 877.70 up 5.60 Mar 884.30 up 5.50 May 885.90 up 6.00
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Months Prices Volume Nov/Jan 6.40 under to 7.50 under 6,402 Nov/Mar 14.00 under 259 Nov/May 15.20 under 1 Nov/Jul 15.70 under to 16.20 under 104 Jan/Mar 6.20 under to 7.00 under 3,205 Jan/Nov 20.20 over 4 Mar/May 0.80 under to 1.70 under 1,023 Mar/Jul 1.00 under to 2.10 under 151 May/Jul 0.10 under to 0.90 under 794 Jul/Nov 30.00 over to 28.20 over 66
Source: Commodity News Service Canada (email@example.com)
(END) Dow Jones Newswires