ICE Review : Big Losses for Canola

WINNIPEG, Manitoba--Intercontinental Exchange (ICE) canola futures fell hard on Tuesday, due to profit-taking throughout the North American grain markets. Despite the sizeable losses, they managed to step away from larger declines.

A hefty downturn in Chicago soyoil along with significant pullbacks in European rapeseed and Malaysian palm oil put pressure on canola. Also, sharp losses in global crude oil prices weighed heavily on edible oil values.

The markets will get some semblance of this year's harvest when Statistics Canada issues its next crop report on Friday. Expectations are for canola and other major crops to see their production cut further from the federal agency's September report.

At mid-afternoon the Canadian dollar was lower, with the loonie at 78.20 U.S. cents, compared to Monday's close of 78.34.

There were 29,731 contracts traded on Tuesday, which compares with Monday when 26,570 contracts changed hands. Spreading accounted for 14,592 contracts traded.

Settlement prices are in Canadian dollars per metric ton.

 
                    Price      Change 
 
Canola      Jan    987.10    dn 40.30 
 
            Mar    960.00    dn 38.10 
 
            May    924.20    dn 35.00 
 
            Jul    879.60    dn 35.90 
 

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

Months     Prices                       Volume 
 
Jan/Mar    32.00 over to 25.70 over      4,022 
 
Jan/May    67.50 over to 64.00 over          8 
 
Jan/Jul   119.00 over                       25 
 
Mar/May    41.90 over to 35.10 over      2,040 
 
Mar/Jul    88.20 over to 80.10 over        114 
 
Mar/Nov   206.80 over to 198.60 over       149 
 
May/Jul    48.30 over to 43.00 over        550 
 
May/Nov   168.00 over to 162.70 over        17 
 
Jul/Nov   123.00 over to 112.50 over       347 
 
Nov/Jan     1.50 over to 1.00 over          24 
 

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

(END) Dow Jones Newswires

11-30-21 1536ET