WINNIPEG, Manitoba--The ICE Futures canola market was mixed on Tuesday, with a small loss in the nearby November contract and gains in the more deferred positions.
Strength in Chicago Board of Trade soy complex provided some spillover support for canola, with European rapeseed futures hitting fresh contract highs overnight.
Ongoing uncertainty over the size of this year's canola crop also remained supportive, with many traders of the opinion that the actual production will end up below the 12.8 million tonnes forecast by Statistics Canada last week.
While the crop may be smaller, seasonal hedge pressure and long liquidation by smaller speculators weighed on the front month.
About 29,076 canola contracts traded on Tuesday, which compares with Monday when 17,426 contracts changed hands.
Spreading was a feature, accounting for 23,376 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Price Change Canola
Nov 860.60 dn 0.50 Jan 854.90 up 1.10 Mar 845.20 up 2.30 May 829.70 up 2.90
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Months Prices Volume Nov/Jan 7.80 over to 5.40 over 6,043 Nov/Mar 18.50 over to 14.70 over 102 Nov/May 30.50 over to 30.00 over 2 Nov/Jul 55.70 over to 48.60 over 10 Jan/Mar 11.30 over to 8.30 over 2,010 Jan/May 28.00 over to 25.50 over 71 Mar/May 17.00 over to 14.30 over 2,055 Mar/Jul 37.10 over to 36.00 over 51 May/Jul 22.40 over to 19.80 over 1,281 Jul/Nov 115.40 over to 108.80 over 63
Source: Commodity News Service Canada
Write to Phil Franz-Warkentin at news@marketsfarm.com
(END) Dow Jones Newswires
09-21-21 1539ET
