ICE Review : Canola Mixed, With Gains in Front Months

WINNIPEG, Manitoba--The ICE Futures canola market was mixed on Thursday, with gains in the front months and losses in the new crop contracts.

Speculative buying accounted for some of the activity in the old crop contracts, with the March contract settling right around its 20-day moving average.

Gains in Chicago Board of Trade soybeans and soyoil provided spillover support for the Canadian oilseed, with soyoil hitting fresh contract highs. Malaysian palm oil and European rapeseed futures were also stronger.

Weakness in the Canadian dollar, which dipped below 79 U.S. cents, contributed to the strength in canola.

Ongoing concerns over tight old crop supplies remained supportive as well. However, attention in the market is starting to turn to the new crop and the likelihood of improved yields after the 2021 drought.

About 29,069 canola contracts traded on Thursday, which compares with Wednesday when 26,107 contracts changed hands.

Spreading accounted for 19,272 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

 
             Price       Change 

Canola

   Mar       1,007.10    up 9.60 
   May       999.00      up 7.20 
   Jul       976.60      up 3.40 
   Nov       831.60      dn 3.40 
 

Spread trade prices are in Canadian dollars and the volume represents the number of spreads:

 
   Months              Prices              Volume 
   Mar/May    9.00 over to 2.60 over       6,858 
   Mar/Jul    29.90 over to 29.40 over         2 
   Mar/Nov    167.10 over to 165.40 over       2 
   Mar/Jan    180.00 over                     25 
   May/Jul    25.00 over to 17.20 over     1,975 
   May/Nov    161.50 over to 158.90 over      14 
   Jul/Nov    148.90 over to 136.80 over     676 
   Nov/Jan    3.00 over to 1.20 over          84 
 

Source: Commodity News Service Canada

Write to Phil Franz-Warkentin at [e-mail]

(END) Dow Jones Newswires

01-27-22 1518ET