WINNIPEG--Intercontinental Exchange canola futures closed higher Friday, with the more substantial gains in the heavily traded old-crop months.
Support came from strong gains in Malaysian palm oil, more moderate increases in Chicago soybeans and soymeal, as well as most European rapeseed positions. Declines in Chicago soyoil plus global crude-oil prices weighed on edible oil values.
Additional support was derived from tight canola supplies and the need to ration demand. However, the Canadian oilseed can be seen as overpriced.
This week also marks the last full week of trading before the holiday season, with traders squaring their positions. There will now be two short weeks, which are likely to see reduced volumes and more volatility.
At mid-afternoon, the Canadian dollar was weaker at 77.63 U.S. cents compared to Thursday's close of 78.24.
There were 22,433 contracts traded Friday, which compares with Thursday when 20,559 contracts changed hands. Spreading accounted for 13,770 contracts traded.
Settlement prices are in Canadian dollars per metric ton.
Price Change
Canola
Jan 1,014.30 up 13.30
Mar 1,002.70 up 17.00
May 965.40 up 15.90 Jul 915.20 up 15.50
Spread trade prices are Canadian dollars and the volume represents the number of spreads:
Months Prices Volume
Jan/Mar 15.00 over to 6.30 over 4,040
Jan/May 49.40 over to 44.40 over 126 Jan/Nov 243.20 over 1
Mar/May 39.00 over to 35.20 over 1,601
Mar/Jul 90.00 over to 86.00 over 384 May/Jul 52.40 over to 49.30 over 388
May/Nov 200.70 over to 197.40 over 145
Jul/Nov 151.00 over to 140.80 over 176
Nov/Jan 2.10 over 24
Source: Commodity News Service Canada news@marketsfarm.com
(END) Dow Jones Newswires
12-17-21 1543ET
