ICE Review : Canola Corrects Higher

WINNIPEG, Manitoba--The ICE Futures canola market was stronger on Wednesday, seeing a modest correction after Tuesday's selloff.

Malaysian palm oil climbed to fresh contract highs in overnight activity, which was supportive for vegetable oil markets in general - including canola.

Chicago Board of Trade soyoil futures were also up on the day, although soybeans were softer.

While seasonal harvest pressure contributed to the losses in soybeans, the Canadian canola harvest is virtually complete and a lack of significant farmer selling was said to be supportive.

The Canadian dollar was firmer on the day, putting some pressure on canola.

About 23,623 canola contracts traded on Wednesday, which compares with Tuesday when 37,778 contracts changed hands.

Spreading accounted for 18,614 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

 
             Price     Change 

Canola

   Nov       903.20    up 2.10 
   Jan       893.90    up 3.10 
   Mar       880.90    up 3.00 
   May       860.10    up 4.10 
 

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

 
   Months             Prices                  Volume 
   Nov/Jan    10.90 over to 9.00 over          4,995 
   Nov/Mar    23.20 over to 22.40 over            18 
   Nov/May    45.60 over                           2 
   Jan/Mar    14.30 over to 12.10 over         1,381 
   Jan/May    34.00 over to 33.00 over           287 
   Jan/Jul    57.20 over to 56.00 over            84 
   Mar/May    22.20 over to 20.60 over         1,523 
   Mar/Jul    46.50 over to 44.00 over           242 
   May/Jul    25.30 over to 23.00 over           631 
   Jul/Nov    121.90 over to 117.60 over         104 
   Nov/Jan    9.80 over to 9.30 over              25 
   Jan/Mar    2.60 over to 2.40 over              15 
 

Source: Commodity News Service Canada

Write to Phil Franz-Warkentin at [e-mail]

(END) Dow Jones Newswires

10-13-21 1526ET