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ICE Review: Canola Posts Solid Gains

08/09/2022 | 03:41pm EDT

WINNIPEG, Manitoba--The ICE Futures canola market settled with solid gains on Tuesday after trading to both sides of unchanged in choppy activity.

Gains in the Chicago soy complex and other outside markets, including European rapeseed and Malaysian palm oil, accounted for some spillover buying interest in the Canadian oilseed.

Supportive chart-signals also underpinned the market as the November contract held above the 20-day moving average.

Relatively favorable growing conditions across most of Western Canada tempered the upside to some extent. However, crop development remains delayed in the eastern Prairies and many fields will need a longer-than-normal frost-free window to reach harvest.

About 16,388 canola contracts traded on Tuesday, which compares with Monday when 19,723 contracts changed hands.

Spreading accounted for 10,706 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

                Price     Change 


   Nov          853.90    up 6.90 
   Jan          863.60    up 7.10 
   Mar          870.20    up 6.70 
   May          873.60    up 5.70 

Spread trade prices are in Canadian dollars and the volume

represents the number of spreads:

                            Prices                Volume 
   Nov/Jan          9.10 under to 9.90 under       2,874 
   Nov/Mar          15.90 under to 17.10 under       121 
   Nov/Nov          13.00 over to 12.70 over          17 
   Jan/Mar          6.50 under to 7.50 under       1,542 
   Mar/May          2.90 under to 4.80 under         690 
   May/Jul          2.00 under to 3.20 under          31 
   Jul/Nov          36.00 over to 31.40 over          78 

Source: Commodity News Service Canada

Write to Phil Franz-Warkentin at news@marketsfarm.com

(END) Dow Jones Newswires

08-09-22 1541ET

Stocks mentioned in the article
ChangeLast1st jan.
CRUDE PALM OIL 0.07% 741 End-of-day quote.-26.42%
LONDON BRENT OIL 1.73% 93.4 Delayed Quote.13.79%
WTI 1.42% 87.792 Delayed Quote.14.86%