ICE Review : Canola Ends the Week With Mixed Results

WINNIPEG, Manitoba --The ICE Futures canola market was mixed on Friday, with strength in the nearby July contract and losses in the new crop months.

Tight old crop supplies and bullish chart signals kept the old crop contract well supported, although the bulk of the trade volumes have migrated to the more deferred months.

Ongoing seeding delays in the eastern Prairies due to excess moisture did provide some support for the canola market, but ideas that the moisture will be good for production in the long run kept values pointed lower on Friday. Losses in Chicago Board of Trade soyoil and other outside vegetable oil markets also weighed on prices.

Markets in the United States will be closed Monday, May 30, for Memorial Day while the canola market will trade its usual hours. Positioning ahead of weekend was a feature.

About 8,534 canola contracts traded on Friday, which compares with Thursday when 18,194 contracts changed hands.

Spreading accounted for 3,922 of the contracts traded.

Settlement prices are in Canadian dollars per metric ton.

 
   Canola      Prices                  Change 
               Jul 1,187.80            up 8.80 
               Nov 1,076.20            dn 4.70 
               Jan 1,080.80            dn 4.50 
               Mar 1,080.10            dn 4.00 
 

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

 
   Months                Prices                        Volume 
   Jul/Nov                114.00 over to 99.90 over    1,046 
   Jul/Jan                109.30 over to 108.50 over      25 
   Nov/Jan                  3.30 under to 4.70 under     823 
   Nov/Mar                   2.90 under to 3.00 under     38 
   Jan/Mar                   1.30 over to 0.30 over       29 
 

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

(END) Dow Jones Newswires

05-27-22 1551ET