ICE Review : Canola Hits Fresh Highs

WINNIPEG--The ICE Futures canola market was stronger Wednesday, hitting fresh contract highs as tight supplies, solid demand, bullish technical signals and spillover from outside markets all provided support.

End users looking to secure coverage and speculators adding to their large net long positions were both on the buy side, with a lack of significant selling pressure to limit the gains.

Chicago Board of Trade soyoil futures posted solid advances. Malaysian palm oil and European rapeseed futures were also higher overnight.

The canola market will be closed Thursday for Remembrance Day, with positioning ahead of the holiday likely behind some of the activity.

About 24,721 canola contracts traded on Wednesday, which compares with Tuesday, when 19,925 contracts changed hands. Spreading accounted for 19,118 of the contracts traded.

Settlement prices are in Canadian dollars per metric ton.

 
 
                          Price      Change 
 
Canola            Jan   1,004.40    up 15.00 
                  Mar     976.70    up 12.50 
                  May     944.90    up 10.80 
                  Jul     903.90    up  7.60 
 
 

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

 
 
 Months             Prices               Volume 
 
 Jan/Mar   31.00  over to  25.80  over    3,911 
 Jan/May   61.90  over to  58.00  over    1,457 
 Jan/Jul  102.00  over to  96.50  over      318 
 Jan/Nov  209.10  over to 205.30  over      314 
 Jan/Jan  204.80  over to 203.90  over      100 
 Mar/May   32.40  over to  28.70  over    1,860 
 Mar/Jul   73.30  over to  68.60  over      154 
 Mar/Nov  178.20  over to 174.90  over      261 
 Mar/Jan  177.30  over to 174.80  over       59 
 May/Jul   42.20  over to  36.70  over      721 
 Jul/Nov  113.20  over to 103.80  over      308 
 Nov/Jan    0.40 under to   1.10 under       96 
 
 

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

(END) Dow Jones Newswires

11-10-21 1524ET