WINNIPEG, Manitoba--Intercontinental Exchange (ICE) canola futures were up on Wednesday, with spillover support from Chicago soybeans and soyoil, as well as other edible oils. However, canola prices backed away from earlier highs due to farmer hedging.
A trader said the updated canola forecast put forth by Statistics Canada on Monday should have been one million tonnes less than the 12.8 million the federal agency reported. He pointed to the lower canola yields reported by the Prairie Provinces compared to those used by Statistics Canada.
At mid-afternoon the Canadian dollar was higher, which tempered gains made in canola. The loonie was at 79.13 U.S. cents, compared to Tuesday's close of 78.98.
There were 35,548 contracts traded on Wednesday, which compares with Tuesday when 39,618 contracts changed hands.
Spreading accounted for 23,236 contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Nov 879.80 up 7.50
Jan 871.80 up 8.80
Mar 858.60 up 8.70
May 841.60 up 7.80
Spread trade prices are Canadian dollars and the volume represents the number of spreads:
Months Prices Volume
Nov/Jan 9.80 over to 8.00 over 5,459
Nov/Mar 24.50 over to 21.30 over 1,592
Nov/May 40.50 over 2
Nov/Jul 63.90 over 10
Nov/Nov 199.00 over 37
Jan/Mar 14.70 over to 12.10 over 1,954
Jan/May 29.00 over 1
Jan/Jul 54.30 over to 54.00 over 5
Mar/May 18.40 over to 15.60 over 757
Mar/Jul 25.00 over to 22.00 over 575
May/Jul 24.10 over to 19.10 over 1,163
Jul/Nov 125.20 over to 116.70 over 63
Source: Commodity News Service Canada
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(END) Dow Jones Newswires