WINNIPEG--The ICE Futures canola market managed to settle with small gains Friday, recovering late in the day from earlier losses.
Speculators were behind much of the activity throughout the session, adjusting their positions ahead of the weekend.
Losses in Chicago Board of Trade soybeans put some spillover pressure on the Canadian oilseed. However, gains in soyoil provided some underlying support. Malaysian palm oil was also up overnight.
Weakness in the Canadian dollar was also supportive. While export demand is being rationed at current price levels, solid demand from domestic crushers contributed to the eventual gains.
About 24,336 canola contracts traded Friday, which compares with Thursday, when 26,697 contracts changed hands. Spreading accounted for 13,534 of the contracts traded.
Settlement prices are in Canadian dollars per metric ton.
Price Change
Canola Mar 1,022.30 up 0.30
May 1,009.10 up 3.70
Jul 977.40 up 9.00
Nov 827.40 up 1.50
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Months Prices Volume
Mar/May 19.00 over to 12.50 over 3,146
Mar/Jul 50.70 over to 45.50 over 107
Mar/Nov 193.30 over 16
May/Jul 42.10 over to 31.30 over 2,820
May/Nov 175.10 over 2
Jul/Nov 153.30 over to 139.00 over 653
Nov/Jan 5.00 over to 3.90 over 23
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
01-21-22 1555ET
