ICE Review : Canola Rally Continues

WINNIPEG, Manitoba--The ICE Futures canola market was up sharply for the second-straight session on Thursday, as bullish technical signals kept speculators on the buy side.

A rally in the Chicago Board of Trade soy complex provided spillover support for canola, according to participants. Malaysian palm oil and European rapeseed futures were also higher.

Canada's tight supply situation and ideas that the recent selloff was overdone contributed to the gains in canola.

However, a firmer tone in the Canadian dollar put some pressure on values.

About 26,697 canola contracts traded on Thursday, which compares with Wednesday when 30,877 contracts changed hands.

Spreading accounted for 9,908 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

 
               Price     Change 

Canola

   Mar       1,022.00    up 21.30 
   May       1,005.00    up 24.40 
   Jul       968.40      up 22.60 
   Nov       825.90      up 21.40 
 

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

 
   Months             Prices                Volume 
   Mar/May    25.50 over to 15.00 over       2,535 
   Mar/Jul    55.60 over to 51.90 over          87 
   Mar/Nov    196.10 over to 194.00 over        17 
   May/Jul    41.20 over to 34.30 over       1,569 
   Jul/Nov    153.90 over to 138.00 over       738 
   Nov/Jan    5.00 over to 4.00 over             8 
 

Source: Commodity News Service Canada

Write to Phil Franz-Warkentin at [e-mail]

(END) Dow Jones Newswires

01-20-22 1524ET