WINNIPEG, Manitoba--The ICE Futures canola market was stronger on Wednesday, with the largest gains in the front months as speculators returned to the buy side after booking profits on long positions in recent days.
Strength in Chicago Board of Trade soybeans and soyoil contributed to the firmer tone in canola, although the Canadian oilseed outpaced its United States counterparts to the upside after leading to the downside during the selloff.
Canada's tight supply situation remained another supportive influence, although the need to ration demand is thought to be well priced into the market for the time being.
The Canadian dollar was stronger on the day, moving above 80 U.S. cents and tempering the upside in canola somewhat.
About 30,877 canola contracts traded on Wednesday, which compares with Tuesday when 22,158 contracts changed hands.
Spreading accounted for 12,876 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Price Change Canola
Mar 1,000.70 up 36.70 May 981.00 up 29.10 Jul 945.80 up 21.70 Nov 804.50 up 10.00
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Months Prices Volume Mar/May 21.90 over to 10.30 over 4,085 Mar/Jul 58.10 over to 40.00 over 166 Mar/Nov 182.00 over to 175.00 over 27 May/Jul 36.90 over to 26.50 over 1,501 May/Nov 165.00 over to 163.50 over 9 Jul/Nov 142.70 over to 128.90 over 639 Jul/Jan 137.40 over 2 Nov/Jan 5.00 over to 3.80 over 9
Source: Commodity News Service Canada
Write to Phil Franz-Warkentin at news@marketsfarm.com
(END) Dow Jones Newswires
01-19-22 1527ET
