ICE Review : Canola Up Following Chaotic Session

WINNIPEG, Manitoba--After a day of choppy trading Intercontinental Exchange (ICE) canola futures finished a little higher on Wednesday.

Support for canola was derived from increases in Chicago soybeans and soymeal. However, weakness in Chicago soyoil, European rapeseed and the off session of Malaysian palm oil weighed on values. Higher global crude oil prices were supportive of vegetable oils.

Favorable growing conditions across most of the Prairies added pressure on canola.

The Canadian dollar was slightly lower at mid-afternoon, with the loonie at 77.62 U.S. cents, compared to Tuesday's close of 77.72.

There were 24,978 contracts traded on Wednesday, which compares with Tuesday when 20,677 contracts changed hands.

Spreading accounted 15,474 contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

 
             Price     Change 

Canola

   Nov       815.60    up 2.20 
   Jan       824.40    up 2.10 
   Mar       831.20    up 3.90 
   May       835.00    up 5.50 
 

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

 
   Months                   Prices             Volume 
   Nov/Jan       7.80 under to 9.10 under       3,545 
   Nov/Mar       13.00 under to 16.10 under       125 
   Nov/May       16.60 under to 19.00 under        10 
   Nov/Nov       13.00 over                        50 
   Jan/Mar       4.50 under to 7.10 under       2,515 
   Jan/Jul       8.80 under to 11.00 under        104 
   Mar/May       1.30 under to 4.00 under         834 
   Mar/Jul       3.60 under                        10 
   May/Jul       0.20 under to 2.50 under         339 
   Jul/Nov       38.80 over to 32.60 over         205 
 

Source: Commodity News Service Canada

Write to Glen Hallick at [e-mail]

(END) Dow Jones Newswires

08-17-22 1539ET