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ICE Grain/Oilseed Review: Canola Mostly Higher, Correcting From Recent Losses

06/18/2021 | 03:50pm EDT

WINNIPEG--The ICE Futures canola market was mostly higher on Friday, with only the lightly traded July contract still posting losses as the old-/new-crop spread narrowed.

Chart-based buying on ideas Thursday's selloff was overdone contributed to the gains, as the November contract bounced off its 100-day moving average.

A rally in the Chicago Board of Trade soy complex, tight old-crop supplies and persistent dryness concerns for the new crop across much of the Prairies were supportive.

Sharp losses in the Canadian dollar over the past week added to the firmer tone in canola, as that should boost crush margins and make exports more attractive to global buyers.

About 23,056 canola contracts traded on Friday, which compares with Thursday when 17,590 contracts changed hands.

Spreading accounted for 9,786 of the contracts traded.

Settlement prices are in Canadian dollars per metric ton.

                          Price     Change 
Canola            Jul     763.10    dn 24.00 
                  Nov     694.00    up 27.60 
                  Jan     693.70    up 25.80 
                  Mar     690.90    up 25.60 

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

Months  Prices                          Volume 
Jul/Nov 116.90  over to  53.80  over    1,352 
Jul/Jan 114.70  over to  69.50  over      104 
Nov/Jan   0.40  over to   2.50 under    2,907 
Nov/Mar   1.10 under                        1 
Nov/Jul   8.00  over to   8.00  over        4 
Jan/Mar   3.00  over to   1.40  over      279 
Jan/May   5.30  over to   5.30  over       91 
Mar/May   3.00  over to   2.20  over      127 
May/Jul   7.40  over to   7.00  over       15 
Jul/Nov  89.00  over to  65.40  over       13 

Source: news@marketsfarm.com

(END) Dow Jones Newswires

06-18-21 1549ET

Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / CANADIAN DOLLAR (AUD/CAD) -0.60% 0.91517 Delayed Quote.-5.59%
BRITISH POUND / CANADIAN DOLLAR (GBP/CAD) -0.26% 1.73376 Delayed Quote.0.17%
CANADIAN DOLLAR / JAPANESE YEN (CAD/JPY) 0.01% 87.892 Delayed Quote.8.20%
CANADIAN DOLLAR / SWISS FRANC (CAD/CHF) -0.32% 0.72515 Delayed Quote.4.60%
DJ INDUSTRIAL -0.42% 34935.47 Delayed Quote.14.13%
EURO / CANADIAN DOLLAR (EUR/CAD) -0.01% 1.48009 Delayed Quote.-4.55%
NEW ZEALAND DOLLAR / CANADIAN DOLLAR (NZD/CAD) -0.32% 0.86983 Delayed Quote.-4.60%
US DOLLAR / CANADIAN DOLLAR (USD/CAD) 0.18% 1.247 Delayed Quote.-1.63%
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