By Marlo Glass, MarketsFarm
WINNIPEG, Nov. 27 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts finished higher on Wednesday, recovering from losses earlier in the week.
One Winnipeg-based trader said canola was “due for a bounce” after incurring losses over several days. Canola prices are expected to be mostly range-bound for the next few weeks.
The price rebound was supported by small gains in soy oil on the Chicago Board of Trade, though markets in the United States are quiet ahead of the Thanksgiving holiday.
The announcement that CN Rail Employees will return to work after a weeklong strike provided some optimism to canola prices. A prolonged strike could have impacted canola supply chains to export markets.
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On Wednesday, 14,133 contracts were traded, which compares with Tuesday when 22,485 contracts changed hands. Spreading accounted for 10,180 contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Price Change
Canola Jan 458.50 up 1.30
Mar 467.80 up 1.40
May 476.10 up 1.10
Jul 482.40 up 0.90
Spread trade prices are Canadian dollars and the volume represents the number of spreads:
Months Prices Volume
Jan/Mar 9.10 under to 9.50 under 3,753
Jan/May 17.90 under 11
Jan/Nov 26.00 under to 27.10 under 33
Mar/May 8.30 under to 8.70 under 735
May/Jul 6.20 under to 6.70 under 414
July/Nov 0.90 under to 3.00 under 143
Nov/Jan 4.20 under 1
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