WINNIPEG, Manitoba--The ICE Futures canola market was stronger on Wednesday, hitting fresh contract highs for the second-straight session as speculators continued to add to their long positions.
While tight supplies remained supportive, canola is already priced high enough to ration demand and a trader said there was no reason for the futures to keep moving higher from a fundamental standpoint.
Chicago soyoil futures were weaker on the day, which put some spillover pressure on canola. A firmer tone in the Canadian dollar also weighed on values, with the currency back above 81 U.S. cents.
About 30,170 canola contracts traded on Wednesday, which compares with Tuesday when 29,642 contracts changed hands.
Spreading accounted for 21,482 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Price Change
Canola
Nov 983.30 up 21.90 Jan 960.60 up 6.00 Mar 938.50 up 1.30 May 908.70 unchanged
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Months Prices Volume Nov/Jan 24.00 over to 4.50 over 2,518 Nov/Mar 27.40 over to 26.00 over 27 Nov/May 67.90 over to 57.20 over 15 Nov/Jul 94.00 over to 91.50 over 12 Jan/Mar 27.50 over to 16.80 over 2,599 Jan/May 57.20 over to 50.00 over 545 Jan/Jul 95.00 over to 90.50 over 351 Mar/May 33.40 over to 28.90 over 2,126 Mar/Jul 75.00 over to 68.30 over 378 Mar/Nov 212.70 over to 212.50 over 84 May/Jul 43.20 over to 36.20 over 1,826 May/Nov 182.30 over 50 Jul/Nov 149.00 over to 137.90 over 206 Nov/Jan 8.10 over 4
Source: Commodity News Service Canada
Write to Phil Franz-Warkentin at news@marketsfarm.com
(END) Dow Jones Newswires
10-27-21 1529ET