WINNIPEG, Manitoba--The ICE Futures canola market was sharply weaker on Wednesday, as limit-down losses in Chicago Board of Trade soyoil spilled over to weigh on prices.
Malaysian palm oil dropped four percent in overnight activity, which was bearish for vegetable oil markets in general.
Recent rains across Western Canada have helped take some of the weather premium out of the market, although more moisture will be needed within the next two weeks.
Tight old crop supplies and weakness in the Canadian dollar provided some underlying support.
About 18,231 canola contracts traded on Wednesday, which compares with Tuesday when 12,064 contracts changed hands.
Spreading accounted for 5,110 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Jul 817.10 dn 28.80
Nov 696.40 dn 27.80
Jan 697.90 dn 27.80
Mar 695.30 dn 27.70
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Months Prices Volume
Jul/Nov 123.30 over to 101.00 over 770
Jul/Jan 120.00 over to 112.40 over 17
Nov/Jan 0.20 under to 1.90 under 1,516
Jan/Mar 3.20 over to 2.30 over 239
May/Jul 6.70 over to 6.70 over 10
Jul/Nov 96.00 over to 88.00 over 3
Source: Commodity News Service Canada
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(END) Dow Jones Newswires