ICE Grain/Oilseed Review : Canola Moves Higher With Outside Markets

WINNIPEG--ICE Futures canola contracts posted solid gains on Thursday, underpinned by gains in outside markets.

Crude oil, Chicago soyoil, European rapeseed and Malaysian palm oil were all stronger on the day, lending spillover support to canola.

Canadian crop conditions remain relatively favorable for the most part, although some areas of concern persist. Many fields are thought to be well behind normal in development.

The U.S. Agriculture Department is scheduled to release its latest monthly supply/demand estimates on Friday, with pre-report positioning behind some of the activity in the grains and oilseeds.

About 18,041 canola contracts traded on Thursday, which compares with Wednesday when 22,704 contracts changed hands.

Spreading accounted for 15,426 of the contracts traded.

Settlement prices are in Canadian dollars per metric ton.

Canola

Nov 863.40 up 7.40

Jan 870.40 up 5.40

Mar 876.60 up 5.30

May 877.30 up 4.50

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

Nov/Jan 6.60 under to 9.10 under 4,136

Nov/Mar 11.30 under to 15.10 under 307

   Nov/May 12.00 under to 13.50 under   12 
   Nov/Jul 13.40 under to 18.00 under    4 
   Nov/Nov 24.50 over                    1 

Jan/Mar 4.60 under to 6.20 under 1,607

   Jan/May  7.10 under to 7.30 under     3 

Mar/May 0.40 over to 2.50 under 1,236

   May/Jul  0.60 over to 1.30 under    299 
   Jul/Nov 39.00 over to 36.30 over    108 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

08-11-22 1526ET