Log in
Show password
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 

ICE Canada Weekly Outlook : Canola Still Rangebound

10/13/2021 | 04:37pm EDT

WINNIPEG, Manitoba--ICE Futures canola contracts held rangebound during the week ended Oct. 13, climbing to their strongest levels in two months at one point before running into resistance and retreating to trade well off those highs.

"We're still stuck in a trading range," said Keith Ferley, of RBC Dominion Securities in Winnipeg.

Activity in outside markets, including Malaysian palm oil and United States soybean futures, accounted for some of the movement in the Canadian oilseed within that range.

On the one hand, palm oil futures climbed to record highs during the week which provided some support.

"Palm oil is the leader and is keeping a bid underneath canola," said Ferley.

However, bearish yield and stocks data from the United States Department of Agriculture weighed heavily on Chicago Board of Trade soybeans during the week, with some of that selling pressure spilling into the canola market.

Ferley said canola was likely lagging soybeans to the downside though, as the U.S. soybean harvest is only half complete. Meanwhile, the canola harvest is already done, limiting the amount of seasonal harvest pressure in the Canadian oilseed.

From a chart perspective, January canola hit a session high of C$924.50 per ton on Oct. 8 and a low of C$885.70 on Oct. 12, before settling at C$893.90 on Oct. 13. Longer-term support comes in around C$850 per ton.

Source: Commodity News Service Canada, news@marketsfarm.com

(END) Dow Jones Newswires

10-13-21 1636ET

Latest news "Commodities"
04:59aChina coal futures slump as gov't signals intervention to ease power crisis
04:45aOil hits multi-year high above $86, then pulls back
04:44aMiners pull FTSE 100 lower; Unilever top boost
04:17aAker Solutions Gets Contract for Work on Floating, Production, Storage and Offloading Vessel
04:12aBenchmark lme nickel falls 4.3%
03:47aChina stocks rise on realty, coal shares boost
03:45aShanghai stainless steel rebounds as nickel prices surge, other ferrous metals tumble
03:27aG20 split over coal, 1.5 degree climate limit ahead of Rome summit - sources
03:00aPUBLIC JOINT STOCK GAZPROM : From abandoned fields to salt caves, Gazprom's gas storage is almost full
02:59aShanghai's most active aluminium contract falls 3%
Latest news "Commodities"