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