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ICE Review : Canola Fails to Hang On to Early Gains

11/29/2021 | 03:53pm EST

WINNIPEG--Intercontinental Exchange canola futures pulled back Monday after rallying to new contract highs during the overnight session.

Downward pressure came from the liquidation of the January contract as well as market concerns over the new Omicron strain of COVID-19. Losses in the Chicago soy complex and European rapeseed also weighed on values, while those for Malaysian palm oil were mixed.

The trade will get some clarity on this year's crop production in Canada when Statistics Canada releases its report Dec. 3.

Expectations point toward declines in the production of canola and other major crops.

Australia reported its 2021-22 canola crop will jump by 27% at a record 5.7 million tons.

At midafternoon, the Canadian dollar was virtually unchanged, despite gains in the U.S. dollar. The loonie was at 78.31 U.S. cents compared to Friday's close of 78.30.

There were 26,570 contracts traded Monday, which compares with Friday when 20,719 contracts changed hands. Spreading accounted for 14,480 contracts traded.

Settlement prices are in Canadian dollars per metric ton.

       Price    Change 


Jan 1,027.40 dn 11.50

   Mar   998.10 dn 5.80 
   May   959.20 dn 4.30 
   Jul   915.50 dn 2.10 

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

   Months  Prices                    Volume 

Jan/Mar 40.20 over to 27.80 over 4,033

   Jan/May  81.00 over to 65.50 over    31 
   Jan/Jul 119.00 over to 110.20 over   83 
   Jan/Nov 231.70 over to 230.80 over    2 

Mar/May 44.00 over to 37.40 over 1,365

   Mar/Jul  92.00 over to 83.00 over    56 
   Mar/Nov 196.40 over                   5 
   May/Jul  48.70 over to 43.30 over   964 
   May/Nov 164.90 over to 162.90 over   44 

Jul/Nov 122.00 over to 111.30 over 611

   Nov/Jan   1.80 over to 1.20 over     46 

Source: Commodity News Service Canada, news@marketsfarm.com

(END) Dow Jones Newswires

11-29-21 1553ET

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