WINNIPEG, Manitoba--Intercontinental Exchange (ICE) canola futures turned lower on Thursday, unable to fend off the downward pressure from declines in Chicago soyoil.
Saskatchewan Agriculture issued its weekly crop report this afternoon, citing the province-wide harvest of all major crops was at 74 percent complete. The combining of canola was at 54 percent finished.
A trader said canola is very likely to continue trading sideways until there is fresh news. He suggested that if the seasonal rains in drought-stricken Brazil fail to materialize in the near future, that would push up soyoil and spillover into canola.
At mid-afternoon the Canadian dollar was lower and helped to temper losses in canola. The loonie was at 78.86 U.S. cents, compared to Wednesday's close of 79.05.
There were 22,842 contracts traded on Thursday, which compares with Wednesday when 35,548 contracts changed hands.
Spreading accounted for 18,442 contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Nov 875.50 dn 4.30
Jan 867.50 dn 4.30
Mar 854.40 dn 4.20
May 836.60 dn 5.00
Spread trade prices are Canadian dollars and the volume represents the number of spreads:
Months Prices Volume
Nov/Jan 8.80 over to 7.50 over 3,250
Nov/Mar 22.10 over to 19.60 over 1,062
Nov/May 39.00 over to 38.00 over 12
Jan/Mar 13.80 over to 11.70 over 1,654
Jan/May 31.00 over to 29.00 over 1,206
Mar/May 17.80 over to 16.00 over 1,577
Mar/Jul 40.00 over 4
May/Jul 23.40 over to 21.30 over 402
Jul/Nov 124.90 over to 115.00 over 54
Source: Commodity News Service Canada
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(END) Dow Jones Newswires